Weekly Report 07/06 -11/ 06 / 2010
The previous discussed Elliott sequence of the hourly interval, which we explained several times before has proved its efficiency as the pair decline ideally within three waves down towards the projected technical objective-mentioned in previous week report-, placing wave B. Now, potential upside movements could be seen during this week to complete the suggested Elliott sequence, supported by Stochastic indicator.
The trading range for this week is among key support at 125.50 and key resistance at 136.35.
The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.
Support131.25130.50130.00129.10128.40Resistance132.50133.60134.90135.50136.20RecommendationBased on the charts and explanations above our opinion is, buying the pair from 131.25 targeting 135.50 and stop loss below 127.80 might be appropriate.