Weekly Report 15-19 / 03 / 2010

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The royal pair has lost the upside momentum and it seems that 127% Fibonacci level of XA leg for our captured harmonic structure is solid enough to pressures it negatively. A double top formation might be under way but we will be sure once it breaches the suggested neckline of the pattern at 0.9000-0.9005 zones. Indicators show negative signs, supporting the possible negative speculation for this week.

The trading range for this week is among key support at 0.8720 and key resistance now at 0.9290.

The general trend over the short term basis is to the upside, targeting 0.9720 as far as areas of 0.8400 remain intact.

Previous Report

Support0.90300.90000.89650.89350.8905
Resistance0.90700.91150.91400.92050.9240
RecommendationBased on the charts and explanations above our opinion is, selling with a breakout below 0.9005 targeting 0.8830 and stop loss above 0.9145 might be appropriate.