WeeklyReport 26 - 30 / April / 2010

The pairhas been limited around50% Fibonacci correction shown in the image above, as targets for the bearish technical pattern shown in our previous reports. This makes us expect a bullish direction for this week that will start with the breach of 1.5540 and head towards 1.5700 then 1.5810. This scenario requires 1.5185 to insure chances of achieving it.

The trading range for today is among the key support at 1.5185 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 ReportSupport1.53551.52801.52551.51851.5125Resistance1.54501.54751.55001.55401.5605RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.5450 targeting 1.5615 and stop loss below 1.5335, might be appropriate.