Weekly ReportMarch 29 - April 2 / 2010
The pair faced strong support around 1.4800 - 1.4780 - the bottom achieved in the beginning of the current month - as the pair rebounded to the upside in an attempt to newly retest 1.5000 that has presently turned into pivotal resistance for the intraday direction. Momentum indicators still hold onto the positive momentum, which could lead to some bullish intraday movement. In overall, we see that the expected direction for this week is bearish and will continue the short term direction towards upcoming main targets around 1.4650 - 1.4615. These expectations of a bearish trend will prevail if trading remains below 1.5150.
The trading range for today is among the key support at 1.4615 and the key resistance at 1.5315.
The short term trend is to the upside as far as 1.4850 remains intact with targets at 1.7000.
|Recommendation||Based on the charts and explanations above our opinion is selling the pair from 1.5000 targeting 1.4775 and stop the four hour loss above 1.5150, might be appropriate.|