Weekly Report 26 - 30 / July / 2010
The 76.4% Fibonacci correction maintained its stance in front of the pair's attempt to ascend and reverse to the downside, forming the second top for the bearish technical pattern where its suggested neckline is around 1.0270. Trading has stabilized belowSMA 50 and therefore causing us to expect more negative pressure on the pair; therefore, we can expect a bearish overall trend for this week targeting initially are around 1.0135. The breach of 1.0495 will weaken chances of achieving these expectations for this week.
The trading range for today is among the key support at 1.0050 and the key resistance at 1.0580.
The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.
Previous ReportSupport1.03401.03101.02701.02101.0180Resistance1.04051.04951.05201.05801.0635RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0405 targeting 1.0270 and stop loss above 1.0495, might be appropriate.