Weekly Report 07 - 11 / June / 2010

The pair moved to the downside,breaching thesupport levels for the main descending channel due to the effect of the breach of the bearish technical pattern's neckline at 1.2140, which will cause a quick bearish trend. Some minor bullish correction is expected to retestthe brokensupport that has turned into resistance at 1.2040 beforestart achieving more expected bearish movement for this week; targeting mainly 1.1700 - the bearish short term trend -. It is vital achieving stability above 1.2040 - 1.2140 that could lead to a bullish correction.

The trading range for today is among the key support at 1.1625 and the key resistance at 1.2215.

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

Previous ReportSupport1.19001.18501.18051.07451.0700Resistance1.19801.20401.20951.21401.2215RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.2040 targeting 1.1900 and stop loss above 1.2140, might be appropriate.