Weekly Report 19/04 -23/ 04 / 2010

After respecting the previous explained Elliott scenario literarily that helped the royal pair to cover the past week's common gap as seen on the provided four-hour chart, the pair started to incline sharply as a normal result for the impulsive nature of the internal third wave. Consequently, additional positive actions could be seen during this week, supported by the obvious positive sign appearing on AROON indicator.

The trading range for this week is among the key support at 0.8660 and key resistance now at 0.9030.

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

Support0.88000.87600.87200.87000.8670Resistance0.88650.89050.89350.89600.9000RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.8800 targeting 0.8960 and stop loss below 0.8685 might be appropriate