Weekly Report 01-05 / 03 / 2010
The long white candlestick that is appearing on the provided daily chart has been able to confirm the breakout for the neckline of our caught bullish classical pattern -discussed in the previous week-. This aforesaid action has taken the royal pair to our suggested technical objective at 0.9000 zones. Currently, adding the breakout for the downtrend line and the suggested harmonic formation, we can say that additional bullish movements could be seen during this week, particularly if it succeeded to stabilize above 0.9030 zones.
The trading range for this week is among the key support at 0.8700 and key resistance now at 0.9265.
The general trend is to the upside as far as 0.8020 area remains intact with targets at 1.0000 followed by 1.0400 levels.
|Recommendation||Based on the charts and explanations above our opinion is, buying the pair from 0.8960 targeting 0.9205 and stop loss below 0.8790 might be appropriate.|