Weekly Report 10/05 -14/ 05 / 2010
The royal pair has been capable of finding a solid support above the key resistance level of 0.8500-0.8550 zones, where it started to show the possibility of forming a continuation pattern on the weekly chart. From here, we believe that it might move upwards during this week, supported by the positive signs appearing on RSI 14 and AC indicators. Technical targets reside at 0.8820 followed by 0.8960.
The trading range for this week is among the key support at 0.8400 and key resistance now at 0.9005.
The general trend over short term basis is to the upside, targeting 0.9720 as far as areas of 0.8400 remain intact.
Support0.86300.86050.85500.85000.8480Resistance0.87200.87600.88000.88200.8905RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.8670 targeting 0.8820 and stop loss below 0.8550 might be appropriate.