Weekly Report 24 - 28 / May / 2010

The pair is still trading with stability below support for the previously breached ascending channel that has currently turned into resistance at 91.00. Positive signs are appearingon momentum indicators could push it to retest the level before resuming the bearish direction for this week; targeting 88.00 then attempting to pave the way towards 86.35. MA 200 today will support expectations.

The trading range for today is among the key support at 86.35 and the key resistance at 92.25.

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

Previous ReportSupport89.6589.0088.7088.4087.75Resistance91.0091.6592.2592.8093.30RecommendationBased on the charts and explanations above our opinion is selling the pair from 91.00 targeting 89.00 and stop loss above 92.25, might be appropriate.