Weekly Report 07/06 -11/ 06 / 2010
Having a deeper look at the weekly chart, we will find out that the royal pair has finished 3 waves up, where it placed its historical high around 0.8905 zones. Now, we see an Elliott count suggestion shows the probability of a flat correction3-3-5 to form B wave. The potential support resides around 0.8060. Thus; further bearishness could be seen during this week, supported by the bearish sign appearing On AROON indicator.
The trading range for this week is among the key support at 0.8060 and key resistance now at 0.8500.
The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of 0.8965 remain intact.
Support0.82450.82100.81800.81400.8060Resistance0.82750.83050.83800.84000.8480RecommendationBased on the charts and explanations above our opinion is, selling the pair from 0.8275 targeting 0.8060 and stop loss above 0.8425 might be appropriate.