Weekly Report 05/07 -09/ 07 / 2010

The previous discussed Elliott sequence over four-hour interval came back into focus as the corrective B wave could take the CT shape. This cycle argues us to say that possible bullish actions to form C wave could occur during this week.

Notes:

1-Stochastic is currently overlapping positively.

2-A breakout above 136.20 will cause acceleration.

The trading range for this week is among key support at 128.60 and key resistance at 138.60.

The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.

Previous Report

Support132.50131.25130.50129.80128.60Resistance134.25135.50136.20137.30138.60RecommendationBased on the charts and explanations above our opinion is, buying the pair around 132.50 targeting 137.30 and stop loss below 129.80 might be appropriate.