Weekly Report 05/04 -09 / 04 / 2010

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The royal pair is fluctuating around the pivotal support level of 0.8830 but it is still controlled inside the bearish channel as seen on the provided four-hour chart. Henceforth, the suggested Elliott count is still valid and we still see that, thereare chances for achieving possible bearishness during this week, particularly if it succeeded to breach 08830 levels.

The trading range for this week is among the key support at 0.8640 and key resistance now at 0.9070.

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

Support0.88300.87900.87600.87200.8670
Resistance0.88650.89050.89350.89600.9000
RecommendationBased on the charts and explanations above our opinion is, selling the pair with a breakout below 0.8830 targeting 0.8670 and stop loss above 0.8965 might be appropriate.