Weekly Report (May 02-05, 2011)

The pair remains stable above the support for the general upside trend where the pair returned to stabilize above it as shown above. The negativity on momentum indicators might cause a bearish bias to stabilize at 1.4715 before resuming the expected upside move for this week targeting 1.5000 and 1.5150. Consolidation above 1.4715 is required not to postpone our targets.

The trading range for this week is among the major support at 1.4605 and the major resistance at 1.5150.

The short term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.

RecommendationBased on the charts and explanations above we recommend buying the pair around 1.4715 targeting 1.4880 and stop loss below 1.4605 might be appropriate this week