Weekly Report 26/04 -30/ 04 / 2010

The pair succeeded in breaching the pivotal resistance levels of 144.90 as seen on the provided daily chart. Now, one more ascending wave is in progress to complete the IM wave of the suggested Elliott sequence that started at 131.90. Note that, the overbought signs appearing on indicators could take it mildly downwards before resuming the suggested bullishness during this week.

The trading range for this week is among key support at 139.20 and key resistance at 150.75.

The general trend over short term basis is to the downside, targeting 126.80 as far as areas of 155.80 areas remain intact.

Previous Report

Support144.90144.45143.60142.70142.20Resistance145.50146.20146.90147.65148.35RecommendationBased on the charts and explanations above our opinion is, buying the pair from 144.45 targeting 147.60 and stop loss below 142.20 might be appropriate.