Weekly Report 4 - 8 / April / 2011

The pair continues its upside push, while stabilizing above the broken critical resistance level shown above; therefore, we expect more upside movement this week targeting levels around 86.65 then 86.30. Note that the negativity of momentum indicators could cause some bearish movement to retest levels between 83.50 - 83.25 before resuming awaited targets.

The trading range for this week is among the key support at 82.35 and the key resistance at 86.30.

The short term trend is to the downside as far as 89.35 remains intact with targets at 77.70.

Previous Report

Support83.5083.0082.1581.8081.15
Resistance84.2584.2585.6585.9586.30
RecommendationBased on the charts and explanations above our opinion is buying the pair around 83.50 targeting 85.65 and stop loss below 82.15, might be appropriate.