Weekly Report 21 - 25 / June / 2010

The pair continued the bullish wave, shown in the previous weekly report nearing from resistance for the main descending channel that meets with 38.2% Fibonacci correction at 1.2565. We expect the ascend to touch the mentioned level, but by observing Stochastic we find that it is facing major overbought signs; thus making us recommend observing the pair when it reaches the mentioned level to insure the short term intraday trend more precisely.

The trading range for today is among the key support at 1.2000 and the key resistance at 1.2780.

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

Previous ReportSupport1.23601.23001.22501.22151.2165Resistance1.24301.24701.25001.25651.2615RecommendationBased on the charts and explanations above our opinion is to follow up on the daily report to insure the next direction more precisely.