Weekly Report 21/06 -25/ 06 / 2010

It seems that, a slight correction is needed to form the second corrective wave for A wave before resuming the corrective structure of the suggested Elliott count. This is the brief of our technical suggestions for this week. We know that, wave A is formed within 5 waves within zigzag correction and 3 waves if the correction is flat. In both cases we believe that the first internal was ended and now a mild correction is under wavy before resuming the possible upside movements during this week. Note that, this correction might be limited around 0.8295 zones, while 0.8315 offers a solid support for the time being.

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

Support0.83150.82950.92450.82100.8180Resistance0.83800.84000.84200.85000.8550RecommendationBased on the charts and explanations above our opinion is, buying the pair around 0.8320 targeting 0.8545 and stop loss below 0.8180 might be appropriate