Weekly Report 03 - 07 / May / 2010

The pair returned to the negative pressure and is currently fluctuating at resistance level for the previously breached descending channel that has presently turned into support at 1.3215. This makes us recommend observing upcoming trading to insure the precise direction, where a mentioned breach will lead to more bearish short tern movement; whereas the breach of 1.3340 will maintain chances of achieving the suggested bullish trend in our previous reports.

The trading range for today is among the key support at 1.2915 and the key resistance at 1.3480.

The short term trend is to the downside as far as 1.4410 remains intact with targets at 1.2450.

Previous ReportSupport1.32151.31751.30951.30351.2960Resistance1.33001.33401.33801.34451.3480RecommendationBased on the charts and explanations above our opinion is to follow up on our daily report for more affirmation, might be appropriate.