Weekly Report 07 - 11 / June / 2010
The pair managed to breach support for the ascending wedge pattern shown above, where it started a sharp bearish wave which has stopped at the horizontal pivotal support at 1.4395. Signs of a bearish technical pattern are still under formation, where its completing will achieve some minor bullish correction followed by resuming the overall expected bearish trend this week, which in role will attack the suggested neckline for this pattern at 1.4395. If the pair succeeds in achieving the suggested scenario, the awaited targets will start at 1.4220 then 1.4000. Keep in mind that the breach of 1.4595 will cause the suggested scenario to fail.
The trading range for today is among the key support at 1.4000 and the key resistance at 1.4795.
The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.
Support1.43951.43401.42651.42201.4150Resistance1.44951.45301.45951.46801.4770RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.4395 targeting 1.4220 and stop loss above 1.4495, might be appropriate.