Weekly Report 17 - 21 / May / 2010

The pair continued moving to the downside to touch support for the main descending channel shown above at 1.4250. Momentum indicators are showing positive signs that may push for some minor bullish correction; however, in overall it is expected to remain bearish, while targets start at 1.4100 then 1.4000. We recommend observing today's trading as we await signs that will insure the expected direction that will prevail if 1.4250 is breached.

The trading range for today is among the key support at 1.4000 and the key resistance at 1.4700.

The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.4000.

Previous ReportSupport1.43351.42501.41951.41251.4035Resistance1.43951.44551.45251.45901.4650RecommendationBased on the charts and explanations above our opinion is to observe trading and await more confirmation signs for the pair’s direction, might be appropriate.