Weekly Report1 - 5/ March / 2010
The pair exited trading from the ascending channel that represents the bullish short term wave, where the first correction level 23.6% stands as volatile support in front of the pair attempts to descend. We expect a bullish overall direction for this week that requires the base to build on 1.0715; targeting 1.0895 then 1.1000. The bullish short term direction that depends on the daily close to remain above 1.0560.
The trading range for today is among the key support at 1.0560 and the key resistance at 1.0000.
The general trend is to the downside as far as 1.1225 remains intact with targets at 0.9600.
|Recommendation||Based on the charts and explanations above our opinion is buying the pair from 1.0715 targeting 1.0890 and stop loss below 1.0560, might be appropriate.|