Weekly Report 14/06 -18/ 06 / 2010
The previous week's suggested bullishness which we explained on four-hour chart was interpreted literarily via reaching the suggested technical targets areas of 112.10. Now let's have a look at the pair on the daily chart, as we will discover that a reversal classical pattern is in progress with a neckline at 113.60 zones. Finally, the pair succeeded in entering Keltner channel, where it passed over its middles line. To conclude,further bullishness could be seen during this week, supported by the weekly candlestick structure-secondary image-.
The trading range for this week is among key support at 108.50 and key resistance now at 115.75.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support111.35110.50109.50109.00108.50Resistance112.10112.90113.60114.00114.75RecommendationBased on the charts and explanations above our opinion is, buying the pair around 111.35 targeting 114.60 and stop loss below 109.00 might be appropriate.