Weekly Report 12/04 -16/ 04 / 2010

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After achieving our expected bearishness of the harmonic structure discussed in our weekly report for the previous week. The pair started to move upwards once more, reviving that the inverted head and shoulders pattern that is still in progress. The technical target of the classical pattern resides at 130.65, but we have to watch out the gap that has occurred with the opening to define its sort. Hence, our outlook will be neutral until we define together this gap's kind according to the price actions today and tomorrow.

The trading range for this week 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

Support126.80126.20125.50124.90124.15
Resistance127.85128.35128.85129.30129.70
RecommendationBased on the charts and explanations above our opinion is, staying aside until the pair shows a clear sign for the coming big move.