Weekly Report 07 - 11 / June / 2010

The pair managed to build a base on 50% Fibonacci correction, supported by ascending support shown in red above, in addition to MA 100's support. The pair is pushing upwards and is nearing pivotal resistance 1.0740 that we think represents insuring the bullish direction expected over weekly basis. The stochastic is showing bullish signs that support expectations of a possible ascend this week, where its technical targets start at 1.1000 then 1.1095.

The trading range for today is among the key support at 1.0335 and the key resistance at 1.1095.

The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.

Previous Report

Support1.05501.05051.04301.03651.0330Resistance1.06751.07401.08201.08901.0960RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.0740 targeting 1.1000 and stop loss below 1.0585, might be appropriate.