Weekly 19 - 23 / April / 2010

The pair managed to achieve the support for the rising wedge through the price gap that has been achieved with opening trades this week. This current bearish movement will remain intact within the bearish correction formation, where we expect it to not surpass 1.5250 or 1.5165 as a maximum limit. Following it is a reversal that will cover the gap mentioned. From here, we expect a bullish trend for this week as its first targets is to attack 1.5385 in an attempt to breach it and head towards 1.5555. The suggested scenario will remain intact as long as the daily closing remains above 1.5075.

The trading range for today is among the key support at 1.5075 and the key resistance at 1.5555.

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

Previous ReportSupport1.52501.51651.50751.49901.4925Resistance1.53201.53851.54551.55001.5555RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.5165 targeting 1.5385 and stop loss below 1.5075, might be appropriate.