Weekly Report 24 - 28 / May / 2010

The pair continues its bullish movement according to our previous reports, where through the image above, we expect to reach resistance for the main descending channel after its ongoing strong stance for its support. In overall, we expect a bullish trend this week; targeting mainly 1.2910 and requiring the closing to remain above 1.2345 to prevail.

The trading range for today is among the key support at 1.2195 and the key resistance at 1.2910.

The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.

Previous ReportSupport1.24701.24051.23451.22701.2195Resistance1.25451.26151.26701.27001.2745RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.2470 targeting 1.2670 and stop loss below 1.2345, might be appropriate.1.2470