Weekly Report 09/04 - 13/04/ 2012

The pair continued its upside tendency affected by our previous discussed Elliott sequence where we believe that the grand third wave is still in progress. But, the internal count shows that a potential mild downside correction could be witnessed before resuming the upside rally which will be valid so long as the pivotal support around 0.8995 holds. Finally, the combination of (SMA 50 and SMA 100) supports the bullish predictions.

The trading range for this week is among key support at 0.8885 and key resistance at 0.9500.

The general trend over short term basis is to the upsidetargeting 0.9950 as far as areas of 0.8850 remain intact.

Previous Report

RecommendationBased on the charts and explanations above our opinion is, buying the pair around 0.9150 targeting 0.9380 and stop loss below 0.9000 might be appropriate.