Weekly Report 01 -05 / 02 / 2010
The pair declined sharply during the past week and it is presently attacking the uptrend line as seen on the provided weekly chart. The medium term Elliott count proves that the fifth wave is needed to complete the impulsive downside construction. SMA 50 is protecting the anticipated bearishness which we expect during this week.
Trading range for this week is among key support at 133.60 and key resistance at 151.60.
The general trend is to the downside as far as 167.40 remains intact with target at116.00.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair from 144.90 targeting 140.00 and stop loss above 148.60 might be appropriate.|