Weekly Report 26 - 30 / July / 2010

The pair continues trading within the main bullish channel shown in the image above, while nearing a complete correction for the bearish wave that had started from 1.5495. This level forms a critical resistance level for the pair's short term trend, where breaching it will pave the way towards achieving more expected bullish direction over an intraday basis. Technical targets start at 1.5695 then 1.5780, but keep in mind that breach of 1.5360 could postpone achieving the awaited targets.

The trading range for today is among the key support at 1.5235 and the key resistance at 1.5780.

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

Previous ReportSupport1.54101.53601.53101.52801.5235Resistance1.54951.55551.55801.56201.5695RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.5495 targeting 1.5695 and stop loss below 1.5360, might be appropriate.