Weekly Report May 31 to June 1 / 2010

The pair was not to build a base above Fibonacci correction 23.6% shown in last week's report, however, the bullish mile continues for the pair shown above. The four hour time frame is showing oversold signs through the stochastic after a near positive crossover that encourages us to expect a bullish trend this week; targeting chiefly 1.5000 and requiring stability above 1.4340.

The trading range for today is among the key support at 1.4255 and the key resistance at 1.5000.

The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.

Previous ReportSupport1.44051.43401.42651.42301.4150Resistance1.45201.45901.46551.47001.4740RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.4405 targeting 1.4615 and stop loss below 1.4340, might be appropriate.