Weekly Report (June 06-10, 2011)

The pair continues the upside move towards the main target awaited at 1.4875, the retest for the breached ascending channel's support. Stability above 23.6% and the support from the MA 50 make us favor the general upside move this week, though we might witness some volatility due to the negativity on Stochastic. Stability above 1.4455 is required for our expectations to prevail.

The trading range for this week is among the major support at 1.4455 and the major resistance at 1.4940.

The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.

Previous Report

RecommendationBased on the charts and explanations above we recommend buying the pair around 1.4560 targeting 1.4800 and stop loss below 1.4455 might be appropriate this week