Weekly Report 05/04 -09 / 04 / 2010

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The pair is moving slowly but it is still positively affected by the inverted head and shoulders pattern. The bearish harmonic AB=CD pattern has its PRZ at 127.85. Therefore it should be breached to confirm moving towards the technical objective of the classical pattern. The allover structure is still anticipated to be bullish during this week with expected fluctuation due to the overbought signs.

The trading range for today is among key support at 124.15 and key resistance now at 130.65.

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

Support127.30126.80125.50124.60124.10
Resistance127.85128.35129.00129.70130.65
RecommendationBased on the charts and explanations above our opinion is, buying the pair with a breakout above 127.85 targeting 130.65 and stop loss below 125.30 might be appropriate.