Weekly Report 17/05 -21/ 05 / 2010

The sharp declines of the past week confirmed the negative pressure of the suggested Elliott sequence of the weekly chart. We see how the closing was very negative as the fifth wave of the IM structure is still in favor. From here, we hold onto the negative anticipation during this week, while SMA 50 and SMA 100 are acting as ceilings for the time being. RSI 14 moves within a descending channel, supporting our overview.

The trading range for this week is among key support at 125.00 and key resistance at 137.30.

The general trend over short term basis is to the downside, targeting 126.80 as far as areas of 150.75 areas remain intact.

Previous Report

Support131.55130.50129.80128.40127.60Resistance132.80133.60134.90135.50136.20RecommendationBased on the charts and explanations above our opinion is, selling the pair from 132.80 targeting 127.60 and stop loss above 135.50 might be appropriate.