Weekly Report 10/05 -14/ 05 / 2010

The pair is still correcting the panic sell-off movements occurred in the past week. Classically speaking, the negative pressure of stabilizing below SMA 50 and SMA 100 after breaching the uptrend line could bring a new descending wave. The bearish candlestick structure alongside the negative overlapping of Stochastic could help the pair to show downside actions during this week.

The trading range for this week is among key support at 130.00 and key resistance at 155.80.

The general trend over short term basis is to the downside, targeting 126.80 as far as areas of 150.70 areas remain intact.

Previous Report

Support137.30136.20135.00133.60132.40Resistance138.60139.75140.50141.50142.75RecommendationBased on the charts and explanations above our opinion is, selling the pair from 138.60 targeting 132.50 and stop loss above 141.50 might be appropriate.