Weekly Report 12 - 16 / April / 2010

The pair succeeded in returning within the descending channel shown above, with help from the bearish technical pattern shown last Friday. Negative momentum still evident through momentum indicators, and therefore encouraging us to expect more bearish movement for this week; initially targeting support for the descending channel around 1.0350 - 1.0310. This essentially requires the closing to remain below 1.0685.

The trading range for today is among the key support at 1.0245 and the key resistance at 1.0745.

The short term trend is to the downside as far as 1.1095 remains intact with targets at 0.9910.

Previous Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0635 targeting 1.0500 and stop loss above 1.0745, might be appropriate.