Weekly Report 07 - 11 / June / 2010

The pair was not able to build a base above 61.8% Fibonacci correction for the last bearish wave, in addition to trading below MA 200. In the image above, we find that the pair has breached support for the minor ascending channel that has managed to organize the last bearish direction. This signs in addition to overbought signs appearingon momentum indicators makes us expect a bearish trend this week; where main targets are expected to be at 88.60. Keep in mind that the breach of 92.90 will lead to a direction ascend towards 95.00.

The trading range for today is among the key support at 88.60 and the key resistance at 93.30.

The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.

Previous Report

Support90.9090.4090.0089.5589.00Resistance91.5592.0592.9093.3093.60RecommendationBased on the charts and explanations above our opinion is selling the pair from 91.55 targeting 89.55 and stop loss above 92.25, might be appropriate.