Weekly Report 25/04 -29/ 04/ 2011

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The pair is still trapped between 38.2% and 50% Fibonacci levels of CD leg of our previous caught butterfly pattern as seen on the provided daily graph. We see how the candlesticks patterns reflect indecision for the time being but Stochastic has been relieved during the previous four trading days. Henceforth, we still see chances for moving downwards during this week to achieve the extended technical targets of the pattern which start at 132.40 levels, followed by 131.15 zones. Conversely, areas between 137.60 and 138.40 should act as ceilings for any upside attempts.

The trading range for this week is among key support at 130.50 and key resistance at 140.40.

The general trend over short term basis is to the downside targeting 118.80 as far as areas of 150.75 areas remain intact.

Previous Report

Support135.00134.20133.60132.50131.60
Resistance136.20137.30138.40139.75140.40
RecommendationBased on the charts and explanations above our opinion is, selling the pair around 136.15 targeting 132.45 and stop loss above 138.40 might be appropriate.