Weekly Report 03/05 -07/ 05 / 2010
The upper line of our detected bearish channel controlled the movements ideally and forced the pair to show obvious bearish movements. Now, coming beneath the middle line of Keltner channel alongside the negative signs appearing on indicators is to confirm that further bearishnessisto be seenduring this week as the negative effect of the bearish harmonic structure might continue.
The trading range for this week is among key support at 120.90 and key resistance now at 127.185.
The general trend over short term basis is to the downside, targeting 115.00 as far as areas of 132.50 remain intact.
Support123.60122.80122.10121.70120.90Resistance124.65125.25125.50126.30126.80RecommendationBased on the charts and explanations above our opinion is, selling the pair from 124.65 targeting 121.70 and stop loss above 126.80 might be appropriate.