Weekly Report 05 - 09 / April / 2010

The pair strongly pushed to the upside breaching pivotal resistance at 93.75, which forms the neckline for the bullish technical pattern appearing above. The negative momentum on the pair is expected to lead to some fluctuation and minor bearish correction to retest the mentioned neckline, and then resume the expected bullish direction for this week; key targets are around 97.15. Keep in mind that the breach of 94.80 will help the expected bullish movement gain speed; whereas any close below 93.75 could postpone the awaited bullish trend.

The trading range for today is among the key support at 91.70 and the key resistance at 97.15.

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 93.75 target 94.80 and stop loss below 93.00, might be appropriate.