Weekly Report 5 - 9 / July / 2010

The pair halted its ascended once again at 76.4% Fibonacci correction to form the second identical top for the seventh top recorded last month, accompanied by momentum indicators entering overbought areas; thus we hold onto our weekly bearish trend expectations as its targets start at 1.0405 then 1.0300. The breach of 1.0680 will weaken chances of achieving the expected bearish trend scenario.

The trading range for today is among the key support at 1.0240 and the key resistance at 1.0850.

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

Previous Report

Support1.05501.04701.04051.03501.0305Resistance1.06401.06801.07401.08251.0895RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.0550 targeting 1.0405 and stop loss above 1.0640, might be appropriate.