Weekly Report 05/07 -09/ 07 / 2010

The royal pair inclined sharply in the past week as seen on the subsidiary image, affected by the solid support that it found around the lower line of the descending channel and we still seechance for achieving further bullishness during this weekdepending on the positive weekly candlestick structure. RSI 14 is currently valued at 30, confirming our overview. A break of 0.8295 could accelerate the move towards 0.8400 -0.8490 zones.

The trading range for this week is among the key support at 0.8060 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

Support0.82300.81800.81400.81000.8060Resistance0.82950.83550.84000.84200.8490RecommendationBased on the charts and explanations above our opinion is, buying the pair around 0.8230 targeting 0.8490 and stop loss below 0.8060 might be appropriate.