Weekly Report 19 - 23 / July / 2010

The pair neared the support for the short term ascending channel at 1.5245, while Stochastic is showing positive signs that make us expect a bullish trend for this weektargeting initially 1.5500-1.5590. Keep in mind that the daily closing above 1.5125 is vital for our expectations to prevail.

The trading range for today is among the key support at 1.5005 and the key resistance at 1.5700.

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

Previous Report

Support1.52451.51701.51251.50701.5015Resistance1.53501.53901.54351.54751.5500RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.5245 targeting 1.5500 and stop loss below 1.5125, might be appropriate.