Weekly Report 14 - 18 / June / 2010
The pair stabilized trading within the minor ascending channel within the chief upside channel that appears through the chart above, where the pair has found a hard time in surpassingSMA 50. Meanwhile, support for this minor channel at 91.45 will meet with the breached 50% Fibonacci correction that has currently turned into support. This support the positive signs appearingonStochastic, where all these factors encourage us to expect a bullish direction this week and its targets will start at 93.30 then 95.00; requiring stability above 90.60.
The trading range for this week is among the key support at 90.00 and the key resistance at 95.00.
The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
Support91.4590.6090.0089.5589.00Resistance91.8092.6592.9093.3093.60RecommendationBased on the charts and explanations above our opinion is buying the pair around 91.45 targeting 93.30 and stop loss below 90.60, might be appropriate.