Weekly Report 18/07 -22/ 07/ 2011
The pair is consolidating at the previously breached resistance at 0.9530 as shown above. Stability above this level, support our expectations for a likely upside move for this week. Stochastic supports our expectations, but on the other hand, the MA 50 around 0.9680 is a primary obstacle against the suggested upside move. Consolidation above 0.9440 -shown above- keeps the suggested upside move valid.
The trading range for today is among the major support at 0.9350 and the major resistance at 0.9970.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
|Recommendation||Based on the charts and explanations above our opinion is buying the pair with around 0.9545 targeting 0.9810 and stop loss below 0.9445 might be appropriate this week.|