Weekly Report 21 - 25 / June / 2010
The pair managed to insure some descend after breaching support for the minor ascending channel, in addition to the mentioned neckline from our previous reports for the bearish technical pattern. The pair has currently returned to ascend due to the positive effect of momentum indicators, therefore we expect it to lead to a retest of the breached support that has turned into resistance that has currently ascended towards levels between 91.45 - 91.65. Due to the ascend, we think that the pair will resume the expected bearish direction for this week; key targets start at 88.90. We think that stability in trading above 92.00 - 92.30 could make the expected bearish direction scenario fail.
The trading range for today is among the key support at 88.00 and the key resistance at 92.90.
The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
Previous ReportSupport90.0089.5588.9088.0087.75Resistance90.8091.4592.2592.7093.30RecommendationBased on the charts and explanations above our opinion is selling the pair around 91.45 targeting 89.60 and stop loss above 92.70, might be appropriate.