Weekly Report 15 - 19 / March / 2010

After rebounding upwards from support for the descending channel, the pair is fluctuating around 23.6% Fibonacci correction, nearing main resistance 1.5280. More expected bullish correction is expected for this week that encourages us to expect signs of a bullish technical pattern, where the breach of its neckline is at 1.5175 as we wait for the assurance of today's closing above it. Technical targets start from the breach of 1.5280 and head towards 1.5415. Keep in mind that the breach of 1.4940 weakens chances of achieving these expectations.

The trading rangeforthis week is among the key support at 1.4865 and the key resistance at 1.5415.

The general trend is to the upside as far as 1.4850 remains intact with targets at 1.7000.

Previous Report

RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.5280 targeting 1.5415 and stop loss below 1.5175, might be appropriate.