Weekly Report June 28 - July 2 / 2010

The pair continues to trade within the main bearish channel nearing resistance is currently around 1.2470. This level is vital since its neckline for the bullish technical pattern is close to being completed. The daily chart explains the idea more clearly, where this pattern's bullish technical formation points to a possible reversal in the short and medium term direction; therefore we recommend observing the daily reports and keep an eye on the pair's movement around pivotal resistance 1.2470 to insure the next upcoming direction more precisely.

The trading range for today is among the key support at 1.2170 and the key resistance at 1.2600.

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

Previous ReportSupport1.23001.22401.22051.21701.2100Resistance1.24001.24701.25001.25651.2600RecommendationBased on the charts and explanations above our opinion is following up on daily reports for more validation.