Weekly Report 23/04 -27/04/ 2012

Retracing from 81.80 resistance may be interpreted later on the chart as the start of the second internal wave of the bigger third wave and we will update the internal structure in the proper time. Our previous suggested Elliott sequence remains valid and it may bring aggressive bullish move sooner but we need to witness a sustained breakout above 82.10 to confirm the bullish scenario. Conversely, breaching through 80.20 will make us reconsider the place of the bottom for the grand second wave

The trading range for this week is among. key support at 79.55 and key resistance now at 83.70.

The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.

Previous Report

RecommendationBased on the charts and explanations above our opinion is, buying the pair around 81.25 targeting 83.20 and stop loss below 80.00 might be appropriate.