Weekly Report 26 - 30 / July / 2010

The pair stabilized below resistance for the mean bearish direction that has been breached temporarily, shown in the image above. The pair is close to touching this level's resistance for the bearish direction at 88.00, accompanied byStochastic which isnearing overbought areas; therefore, we expect a bearish trend for this week that targets 84.75 primarily and requires the daily closing to remain below 89.60.

The trading range for today is among the key support at 85.00 and the key resistance at 89.60.

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

Previous ReportSupport86.9586.6086.2585.9585.35Resistance88.0088.6589.0089.6090.20RecommendationBased on the charts and explanations above our opinion is selling the pair around 88.00 targeting 86.25 and stop loss above 89.00, might be appropriate.