Weekly Report 10 - 14 / May / 2010

Despite of the volatile descend the pair achieved last week, the daily closing managed to remain above the breached resistance level for the previous descending channel as trading remains within the ascending channel shown above. Positive momentum signs and the previously mentioned ascending channel are vital factors that make us expect a bullish direction for this week; targeting 94.00 then 95.60 that requires the daily closing to remain above 90.75 to prevail.

The trading range for today is among the key support at 90.75 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 ReportSupport92.1591.4590.7590.4590.05Resistance93.0093.5594.0094.8095.15RecommendationBased on the charts and explanations above our opinion is buying the pair from 92.15 target 94.00 and stop loss below 91.35, might be appropriate.