Weekly Report 12 - 16 / April / 2010

The pair's short term trading is stabilizing within the ascending channel shown above, with more signs of the breached resistance for the previous bearish trend after the pair builds a base aboveMA 200, whileStochastic is showing bullish signs that support achieving more bullish direction for this week; targets start around 94.70 then 95.55. This requires the closing to remain above 91.65 to insure that it prevails.

The trading range for today is among the key support at 91.65 and the key resistance at 95.55.

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 92.70 target 924.70 and stop loss below 91.65, might be appropriate.