Weekly Report 29/03 -02 / 04 / 2010

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The pair is approaching the PRZ-potential reversal zones- for the bearish harmonic BAT, seen on the provided four-hour chart. At the same time, the momentum indicator representative-RSI 14- is currently valued at 70.00. Therefore, possible bearishness could be seen during this week; while a break of 123.60 might cause acceleration.

The trading range for this week is among key support at 120.00 and key resistance now at 127.80.

The general trend over short term basis is to the downside, targeting 115.00 as far as areas of 132.50 remain intact.

Previous Report

Support124.10123.60122.80121.70120.90
Resistance125.00125.50126.75127.40128.35
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 124.65 targeting 120.90 and stop loss above 126.85 might be appropriate.