Weekly Report 12/04 -16/ 04 / 2010

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The pair declined towards our suggested technical target of the previous week at 140.80, where it found a solid support that pushed it once more to the upside. The harmonic CD leg of our caught pattern is still in progress on the daily basis; hence, potential upside actions could take the pair during this week towards 146.70 zones 127% Fibonacci of XA leg. RSI 14 might cause some kind of fluctuation.

The trading range for this week is among key support at 138.60 and key resistance at 149.35.

The general trend over short term basis is to the downside, targeting 126.80 as far as areas of 146.20 areas remain intact.

Previous Report

Support143.60143.25142.35141.50140.50
Resistance144.10144.80145.50146.20146.70
RecommendationBased on the charts and explanations above our opinion is, buying the pair from 143.25 targeting 146.70 and stop loss below 140.75 might be appropriate.