Weekly Report June 28 - July 2 / 2010

The pair is heading towards achieving the bullish technical targets shown in our previous reports, which will be completed after the breach of its neckline is around 1.4770. Momentum indicators are currently negative and may force the pair to bearish correct, however, we expect a bullish trend for this week where its initial targets are the vital short term trend around 1.5310. The breach of 1.4860couldmakethe awaited bullish direction's scenario fail.

The trading range for today is among the key support at 1.4850 and the key resistance at 1.5310.

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

Previous Report

Support1.50101.49551.49001.48601.4770Resistance1.50801.51201.51951.52651.5310RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.5010 targeting 1.2265 and stop loss below 1.4860, might be appropriate.