Weekly 19 - 23 / April / 2010

The pair is close to retesting breached resistance that has currently turned into support at 91.35. The MA 200 is forming strong support in front of the pair; whereas momentum indicators are near to entering oversold areas. These signs make us expect a bullish trend for this week; targeting 94.70 then 95.55. It is vital that 90.90 remain intact for these expectations to prevail.

The trading range for today is among the key support at 89.70 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 ReportSupport92.0091.3590.9090.4590.05Resistance92.3592.9093.3594.0094.70RecommendationBased on the charts and explanations above our opinion is buying the pair from 91.35 target 93.35 and stop loss below 90.05, might be appropriate.