Weekly Report (June 13-17, 2011)

The pair declined sharply on Friday affected by the bearish pattern mentioned, where the pair breached 23.6% Fibonacci correction extending the downside move. Momentum indicators are in overbought areas that might push the pair to the upside, yet on the other hand, we have signs of a bearish pattern with the proposed neckline around 1.4305. Therefore, we recommend observing the pair and follow up on our coming reports for more detailed signals for the coming move.

The trading range for this week is among the major support at 1.4150 and the major resistance at 1.4560.

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 observing trading today awaiting more confirmations