Weekly Report 12/04 -16/ 04 / 2010

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The royal pair succeeded in reaching the suggested technical target of our previous week's anticipation, particularly after forming the positive divergence mentioned in our last report. Now, the common gap occurred with the opening could be covered before resuming the proposed bullishness of our Elliott count. Stochastic proves that a mild correction is needed.

The trading range for this week is among the key support at 0.8630 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

Support0.88000.87600.87200.87000.8670
Resistance0.88650.89050.89350.89600.9000
RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.8760 targeting 0.8940 and stop loss below 0.8630 might be appropriate.