Weekly Report (July 11-15, 2011)

After touching levels around the downside channel's main resistance, which turned into support around 0.9545 after it was breached, the pair tended to the upside trying to retest the MA 50 around 0.9750. The pair failed to breach 0.9545 support, and Stochastic is trying to turn positive which could push the pair to continue the upside trend this week

The trading range for this week is among the major support at 0.9350 and the major resistance at 0.9845.

The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.

Previous report

Support0.95750.95450.95000.94450.9400
Resistance0.97000.97700.98450.98800.9915
RecommendationBased on the charts and explanations above our opinion is opinion is buying the pair around 0.9575 targeting 0.9750 and stop loss below 0.9500 might be appropriate this week