Weekly Report 14/06 -18/ 06 / 2010

The royal pair inclined very sharply, breaching the previous explained pivotal resistance areas of 0.8295. These bullish actions activated the technical idea of starting the corrective (A-B-C) structure for the daily IM wave that started at 0.9145 zones. The bullish candlestick formation alongside the positive signs appearing on indicators support this suggested positive scenario. Note that, this scenario should be seen as a correction inside the bigger bearish picture- discussed before-. From here, potential upside move could be seen during this week.

The trading range for this week is among the key support at 0.8140 and key resistance now at 0.8550.

The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of 0.8965 remain intact.

Previous Report

Support0.82950.82450.82100.81800.8140Resistance0.83550.83800.84200.84800.8500RecommendationBased on the charts and explanations above our opinion is, buying the pair around 0.8305 targeting 0.8480 and stop loss below 0.8180 might be appropriate.