Euro Technical Major Currencies (2010-08-04)

The pair is finding difficulty building a base above 1.3250 due to the negative effect of momentum indicators appearing on the four-hour chart, currently close to touching minor support around 1.3185. We expect the pair to build a base in an attempt to start a bullish wave that will enable it to surpass pivotal resistance 1.3250. Therefore, we can expect a bullish intraday trend as we await to obtain a clear breach of the mentioned resistance to insure this direction; whereas it is vital that stability is achieve above 1.3075 so expectations may prevail.

The trading range for today is among the key support at 1.3075 and the key resistance at 1.3450.

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

Previous Report

Weekly ReportSupport1.31851.31051.30701.30301.2990Resistance1.32501.33251.33551.33801.3400RecommendationBased on the charts and explanations above our opinion is buying the pair above 1.3250 targeting 1.3325 and stop loss below 1.3195, might be appropriate.