Weekly Report 09 - 13 / August / 2010

The pair succeeded is achieving the suggested scenario for last week by trading within the bullish channel shown in the image above. The daily and weekly closing has been achieved above 76.4% Fibonacci correction, previously breached at 13250. This points out more bullishmovements for this week, although we may witness some fluctuation and minor bearish correction that may touch support for the bullish channel at 1.3190 before achieving the upside targets that start at 1.3400, followed by1.3600.

The trading range for today is among the key support at 1.3070 and the key resistance at 1.3600.

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

Previous Report

RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.3190 targeting 1.3360 and stop loss below 1.3360, might be appropriate.