Weekly Report June 28 - July 2 / 2010

The pair touched support for the key bullish channel around 89.15 accompanied by momentum indicators entering oversold areas; therefore, we expect normal trading within the current channel as the pair heads towards achieving the expected bullish trend for this week as its key targets start around 91.85 then 92.90. Keep in mind that the closing must remain below 89.15 to complete trading within the ascending channel paving the way towards a descend on the initial short term.

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 Report

Support89.1588.4588.1087.7586.90Resistance90.2090.6091.0091.8592.25RecommendationBased on the charts and explanations above our opinion is buying the pair around 89.15 targeting 90.60 and stop loss below 88.10, might be appropriate.