Weekly Report 14 - 18 / June / 2010
The pair continued its upside push where it managed to breach the resistance level for the descending short term channel, surpassing the breached retest line for the previously mentioned bearish technical pattern at 1.2130. These factors alongside bullish momentum will continue appearing through momentum indicators, which encourage us toexpecta bullish trend this week considered to be natural trading within the descending medium term channel; targets start at 1.2365 and should be observed when the pair reaches it, since breaching it will pave the way towards 1.2600 - 1.2630. These points out that achieving stability below 1.2060 will make the bullish direction scenario fail and make the bearish trend's pace to return once again.
The trading range for this week is among the key support at 1.1945 and the key resistance at 1.2630.
The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
Previous ReportSupport1.21301.20601.20001.19451.1870Resistance1.22051.22751.23351.23601.2420RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.2130 targeting 1.2360 and stop loss below 1.2000, might be appropriate.