Weekly Report 12 - 16 / July / 2010

The pair continues to descendduringlast week, adding assurances on the bearish trend after breaching the bearish technical pattern's neckline mentioned in our previous reports at 1.0405, while also stabilizing belowSMA 100. The bullish momentum could force the pair to ascend to retest the mentioned neckline before continuing the expected bearish direction for this week; targeting 1.0110 mainly and requires building a base below 1.0440 to prevail.

The trading range for today is among the key support at 1.0000 and the key resistance at 1.0525.

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

Previous ReportSupport1.02951.02651.02151.01751.0110Resistance1.04051.04801.05251.06001.0635RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0405 targeting 1.0240 and stop loss above 1.0525, might be appropriate.