Weekly ReportMarch 29 - April 2 / 2010

The pair stabilized trading above resistance for the main previously breached descending channel, appearing in the image above. Meanwhile, 92.20 has currently turned into support supported by the MA 200, which encourages us to expect a bullish direction for this week; main targets start at 94.00 then 95.00. Keep in mind that this expected ascend will remain intact if we do not witness a closing below 91.05.

The trading range for today is among the key support at 91.05 and the key resistance at 95.00.

The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.

Previous Report

RecommendationBased on the charts and explanations above our opinion is buying the pair from 92.20 target 94.00 and stop loss below 91.05, might be appropriate.