Weekly Report 10 - 14 / May / 2010
The pair continues trading naturally within the ascending channel that appears above, where it bearishly reversed after touching this channel's resistance level to attempt a bearish correction for the last sharp bullish wave. The bearish technical pattern that is appearing through the four hour chart, where its neckline is at 1.1015 and encourages us to expect a bearish trend for this week; targeting 1.0875 then 1.0785. Keep in mind that the breach of 1.1140 will push the pair to the upside to resume the bullish short term direction.
The trading range for today is among the key support at 1.0785 and the key resistance at 1.1290.
The short term trend is to theupside as far as 1.0200 remains intact with targets at 1.2000.
Previous ReportSupport1.10151.09851.09251.08751.0840Resistance1.10751.11401.11851.12301.1290RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.1015 targeting 1.0875 and stop loss above 1.1140, might be appropriate.