Weekly Report 28/06 -02/ 07 / 2010
The pair was supported around the uptrend line, which is carrying the movements from 126.70 zones as seen on the provided four-hour chart. The CD leg of our suggested harmonic AB=CD pattern is still in favor; a break of 134.80 zones will be able to accelerate the potential positive scenario which we propose for this week. Assessing indicators, AROON gives a clear bullish while RSI still has upside targets to be reached.
The trading range for this week is among key support at 129.80 and key resistance at 140.10.
The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.
Support133.90133.15132.50131.25130.50Resistance135.50136.20136.80137.30138.60RecommendationBased on the charts and explanations above our opinion is, buying the pair around 133.90 targeting 137.30 and stop loss below 130.50 might be appropriate.