Weekly Report 28/03 -01/ 04/ 2011

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The pair succeeded in taking some kind of rest above 61.8% Fibonacci retracement of CD leg of our captured bullish harmonic pattern; whilst the middle line of keltner channel prevented it from achieving additional bearishness. On the other side, we didn't get any clear sign from momentum and trend indicators. Therefore, we are not completely sure if the bullish effect of the harmonic pattern was limited earlier at 76.4% or the pair intends to move higher on its way to achieve more extended technical targets for the harmonic structure. In result, we prefer staying aside, but a daily closing above 132.15-76.4%- will trigger panic buying pressure so that we recommend observing the price behaviors around the aforementioned level.

The trading range for this week is among key support at 125.50 and key resistance at 136.20.

The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.

Previous Report

Support130.50129.25128.40127.60126.70
Resistance132.15133.60134.20135.50136.20
RecommendationBased on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.