Weekly Report 02/08 -06/ 08 / 2010
Finally, the royal pair succeeded in breaching our previous defined neckline areas of the suggested classical pattern as seen on the provided four-hour chart. From here,potential downside actions could be witnessed during this week, supported by the negative candlesticks formations. Stochastic might caused some kind of fluctuation before resuming the downside rally. Technical objective is seen obviously on the chart.
The trading range for this week is among the key support at 0.8100 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.
Support0.82950.82550.82050.81800.8140Resistance0.83550.83800.84000.84200.8470RecommendationBased on the charts and explanations above our opinion is, selling the around 0.8315 targeting 0.8185 and stop loss above 0.8420 might be appropriate.