Weekly Report 10/05 -14/ 05 / 2010
Due to the oversold signs appeared on indicators, the pair moved upwards slightly, correcting the strong bearish wave occurred on past Thursday. The bearish channel alongside stabilizing below EMA10-80 lines could force it to move downwards once more, particularly after the momentum indicators have been relieved.Hence, we might witness a new bearish wave during this week.
The trading range for this week is among key support at 113.60 and key resistance now at 126.80.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support119.30117.90117.00116.10115.00Resistance120.00120.90121.70122.65123.15RecommendationBased on the charts and explanations above our opinion is, selling the pair from 120.45 targeting 116.30 and stop loss above 123.15 might be appropriate.