Weekly Report 17 - 21 / May / 2010
The pair continues to move according to our previous reports after insuring a breach of pivotal support that has currently turned into resistance at 92.20, where more bearish movement is expected for this week. Keep in mind that that support is at 91.10, which could impede the pair's attempt to bearishly move. Momentum indicators are showing negative signs that support these expectations of a bearish trend as key targets are at 90.20 then 89.50. It is vital that 93.85 remain intact to insure achieving expectations.
The trading range for today is among the key support at 89.50 and the key resistance at 93.85.
The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
Previous ReportSupport91.8091.1090.6590.2089.50Resistance92.2092.6593.1093.8594.80RecommendationBased on the charts and explanations above our opinion is selling the pair from 92.20 target 90.20 and stop loss above 93.85, might be appropriate.