Weekly Report May 31 to June 1 / 2010
The pair continues its stable trading within the descending channel shown above, which represents the present bearish short term wave. MA 100 stands as good support in front of the pair, but the clear negativity on the stochastic encourages us to expect trades to continue naturally within the mentioned descending channel. Thus, we see that the bearish direction is expected this week in overall; targeting 1.0390 then 1.0280. The breach of 1.0595 will weaken chances of achieving expectations.
The trading range for today is among the key support at 1.0280 and the key resistance at 1.0695.
The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.
Previous ReportSupport1.04801.04401.03901.03351.0280Resistance1.05151.05951.06651.06951.0745RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.0515 targeting 1.0390 and stop loss above 1.0595, might be appropriate.