Weekly Report 21/06 -25/ 06 / 2010
The pair is still moving inside the secondary ascending channel, seen on the provided daily chart. Thus; we still believe that the positive classical outlook is still valid andmore bullishness might be seen during this week. A break of the suggested neckline around 113.60 zones will be able to accelerate the move towards the technical objective of our captured pattern.
The trading range for this week is among key support at 108.50 and key resistance now at 116.80.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support112.10111.60111.05110.50109.45Resistance113.60114.00114.75115.75116.80RecommendationBased on the charts and explanations above our opinion is, buying the pair around 112.60 targeting 115.75 and stop loss above 110.50 might be appropriate.