Weekly Report 03 - 07 / May / 2010

The pair continues to fluctuate around pivotal resistance of94.00 in an attempt togather enough bearish momentum to support resuming the bearish trend shown in our previous reports. Signs of a bearish technical pattern are encouraging us to expect a bearish trend for this week that will start with the breach of minor support 93.80, and then head towards the awaited main targets that start at 92.80 then 91.60. This suggested scenario requires the daily close to remain below 94.80

The trading range for today is among the key support at 91.60 and the key resistance at 95.60.

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

Previous ReportSupport93.8093.2092.8092.2591.60Resistance94.0094.8095.6096.0096.35RecommendationBased on the charts and explanations above our opinion is selling the pair from 94.00 target 92.80 and stop loss above 94.80, might be appropriate.