Weekly Report 04/04 -08/ 04/ 2011
The pair succeeded in achieving a positive daily closing above 100% Fibonacci-full correctional level- of CD leg of our efficient bullish harmonic structure and thus, we are forced to follow the extended technical objectives of this harmonic sequence. Now, we are looking forward to see the pair touching 127.2% Fibonacci projection of CD leg at 138.70 zones. Some kind of fluctuation could be seen since RSI 14 and Stochastic are approaching overbought areas but AROON reflects the strength of the bullishness; particularly after breaching the harmonic resistance line that connects A'C and their extensions. Any setbacks should be limited above 132.50 areas.
The trading range for this week is among key support at 132.50 and key resistance at 140.40.
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 135.20 targeting 138.70 and stop loss below 132.50 might be appropriate.|