Weekly Report (May 02-05, 2011)

The pair reached the awaited retest that currently descended to 80.80 and currently trading around it. This level is holding against the pair and supporting by the positivity on momentum indicators, and accordinglywe expect the pair to move to the upside this weektargeting 83.50 while breaching 80.80 and stability below it is new attempts to return to the downside move breached for the current upside correction,

The trading range for this week is among the major support at 80.75 and the major resistance at 83.50.

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

RecommendationBased on the charts and explanations above our opinion is buying the pair around 80.80 targeting 82.50 and stop loss below 79.80 might be appropriate this week