Weekly Report 29/03 -02 / 04 / 2010

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The royal pair is still trying to breach the initial resistance level of 0.9030 to clear the path towards the awaited technical objective of the CD leg for the harmonic formation, seen on the provided daily chart. The positive signs appearing on indicators argue us to say that it might be able to breach it and thereby apossible bullish movement could be seen during this week.

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

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

Previous Report

Support0.89650.89350.89050.88600.8830
Resistance0.90300.90700.91150.91400.9170
RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.8965 targeting 0.9140 and stop loss below 0.8860 might be appropriate.