Weekly Report 03 - 07 / May / 2010

The pair was not able to return within thebroken ascending channel to stabilize within the bearish channel that is controlling the current bearish correction. The pair is currently facing pivotal support at 1.5225, where we expected it to be breached and in its own role will pave the way towards achieving the bearish direction for this week; targeting initially 1.5075 and requires trading to remain below 1.5350 to prevail.

The trading range for today is among the key support at 1.4970 and the key resistance at 1.5425.

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

Previous ReportSupport1.52251.51601.51251.50751.5030Resistance1.53501.53951.54351.54751.5500RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.5225 targeting 1.5075 and stop loss above 1.5350, might be appropriate.