Weekly Report 12 - 16 / April / 2010

The chart drawing above shows that a bullish technical pattern has been formed after a clear breach of the neckline 1.5380 is insured; therefore last week's expectations are insured to be rebounding upwards. Momentum indicators show overbought signs that might force the pair to retest thebroken neckline, before continuing to move bullishly duringthis week. The key target is around 1.5700; keeping in mind that these expectations require closing to remain above 1.5295 to prevail.

The trading range for today is among the key support at 1.5295 and the key resistance at 1.5700.

The short term 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 from 1.5380 targeting 1.5605 and stop loss below 1.5295, might be appropriate.