Weekly ReportMarch 29 - April 2 / 2010
The previously beached retest level for the bullish technical pattern maintained its stance, shown above in blue, where it was met by support for the ascending channel that organizes current trading, in addition to the MA 100 which adds strength to support between 1.0575 - 1.0540. These factors make us expect natural trading within this ascending channel. Therefore, we expect a bullish trend for this week; the first target is at 1.0715, followed by 1.0895. Keep in mind that the breach of 1.0500 and achieving the closing below it will make us reevaluate the current bullish short term direction.
The trading range for today is among the key support at 1.0425 and the key resistance at 1.0895.
The short term trend is to the downside as far as 1.1095 remains intact with targets at 0.9910.
|Recommendation||Based on the charts and explanations above our opinion is buying the pair with the breach of 1.0715 targeting 1.0895 and stop loss below 1.0575, might be appropriate.|