Weekly Report 21 - 25 / June / 2010
The pair continued to insure the breach of the neckline shown in our previous reports at 1.4770, where the way is opened to reach upcoming resistance 61.8% around 1.5000. In overall, we expect a bullish trend this week that may extend it targets towards 1.5200 then the resistance level for the bearish short term direction at 1.5350, due to support from trading aboveSMA 100 where a positive crossover is appearing on Stochastic. Keep in mind that the breach of 1.4700 will weaken chances of achieving this scenario that may lead to some bearish movement.
The trading range for today is among the key support at 1.4660 and the key resistance at 1.5350.
The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.
Previous ReportSupport1.48501.47701.47001.46351.4575Resistance1.49301.49601.50101.50751.5160RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.4850 targeting 1.5000 and stop loss below 1.4770, might be appropriate.