Weekly Report 14 - 18 / June / 2010

The pair managed to achieve a breach of support for the last bullish wave shown in red above, accompanied by the breach of the neckline for the bearish technical pattern shown in our past report at 1.0335. These factors alongside stability belowSMA 100 make us expect that this week's direction is bearish in overall; targeting 1.0115 and then attempting to achieve negative pressure to achieve the bearish technical targets that are below 1.0000. Keep in mind that the breach of 1.0480 holds the keys to making the expected bearish technical scenario fail.

The trading range for this week is among the key support at 0.9925 and the key resistance at 1.0585.

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

Previous Report

Support1.03001.02401.02001.01551.0115Resistance1.03351.04201.04801.05851.0630RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0335 targeting 1.0115 and stop loss above 1.0480, might be appropriate.