Weekly Report 26 - 30 / July / 2010

The pair continues its positive bullish pressure stabilizing trading above 50% and below 61.8% Fibonacci correction, while ongoing signs of a bullish trend appear as its neckline meets with 61.8% at 1.2995 accompanied by positive signs appearing through the stochastic. These factors encourage us to expect an expected bullish trend this week that will start its key targets at 1.3255. As long as a base is built above 1.2425 will maintain chances ofmaking this scenario intact.

The trading range for today is among the key support at 1.2650 and the key resistance at 1.3360.

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

Previous ReportSupport1.28751.28401.27801.27301.2680Resistance1.29951.30301.30901.31651.3190RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.2995 targeting 1.3255 and stop loss below 1.2840, might be appropriate.