Euro Technical Major Currencies (2010-07-29)

The pair continued trading on the sideway as we witness a hard time in achieving the breach of 1.3030 and 1.3065, but at the same time we see that the pair has still stabilized in trading within the bullish channel as well asSMA 20 and 50 that support the bullish trend continuing to form new support levels. Trading above key support for the ascending channel at 1.2915 will maintain chances of the bullish trend continuing to test levels around 1.3115 then 1.3280. Stochastic is showing a positive crossover that is trying through it to trade above 50 points, insuring our expectations.

The trading range for today is among the key support at 1.2885 and the key resistance at 1.3280.

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

Previous Report

Weekly ReportSupport1.29901.29651.29151.28851.2835Resistance1.30301.30651.31151.31651.3220RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.2990 targeting 1.3280 and stop loss below 1.2885, might be appropriate.