Weekly Report 16/08 -20/ 08 / 2010
The positive crossover, which is appearing on Stochastic of the daily basis, alongside the strong support-uptrend line- which is carrying the bullish movements from 126.70, argues that the ascending channel could take the pair towards D2- the second potential reversal zones- of the bearish harmonic AB=CD pattern. To recap, the bullishness is in favor during this week. A break of 134.80 will accelerate this suggested scenario.
The trading range for this week is among key support at 130.50 and key resistance at 139.10.
The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, buying the pair around 133.60 targeting 137.30 and stop loss below 131.00 might be appropriate.|