Weekly Report 08-12 / 03 / 2010

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We discussed the bigger bearish picture of the Elliott count several times before, but the daily chart-secondary image- suggests that the pair might test the upper line of the descending channel around 140.00 zones. The positive bounce occurred on Friday indicates a possible temporary bullishness during this week before resuming the major trend.

The trading range for this week is among key support at 131.90 and key resistance at 142.60.

The general trend is to the downside as far as 167.40 remains intact with target at116.00.

Previous Report

Support136.20135.50134.90133.60132.90
Resistance137.40138.25139.15140.00140.50
RecommendationBased on the charts and explanations above our opinion is buying the pair from 136.20 targeting 140.00 and stop loss below 133.60 might be appropriate.