Weekly Report 10 - 14 / May / 2010
After achieving the bearish technical targets shown above, the pair will rebound to attempt to bullishly correct and near 23.6% Fibonacci at 1.5035. Momentum indicators are showing bullish signs that encourage us to expect a bullish correction this week, where its targets are at 1.5035 and might extend to 1.5205. Keep in mind that if the daily closing is below 1.4800 it will cancel out the need for any bullish correction so the pair may resume the bearish short term trend.
The trading range for today is among the key support at 1.4480 and the key resistance at 1.5205.
The short term trend is to thedownside as far as 1.5590 remains intact with targets at 1.4000.
Previous ReportSupport1.48251.48001.47561.46901.4640Resistance1.49501.49801.50351.50751.5160RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.4825 targeting 1.5035 and stop loss below 1.4756, might be appropriate.