Weekly Report 17 - 21 / May / 2010
The pair was able to breach resistance for the ascending channel's resistance level shown in our previous reports, thus helping the bullish trend scenario gain speed. Overbought signs appearingon momentum indicators could force the pair to retest broken resistance that has become support at 1.1265 before continuing the bullish trend for this week; targeting 1.1480 then 1.1690. It is vital that closing remain above 1.1265 to insure achieving expectations.
The trading range for today is among the key support at 1.1180 and the key resistance at 1.1690.
The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2000.
Previous ReportSupport1.13251.12651.11801.11201.1070Resistance1.14351.14801.15551.16201.1695RecommendationBased on the charts and explanations above our opinion is buying the pair above 1.1265 targeting 1.1480 and stop loss below 1.1180, might be appropriate.