Weekly Report (June 20-24, 2011)
The MA 50 remains a resistance ahead of the pair and adding negative pressure, while we have signs of a bearish pattern with the neckline at 79.65. This pattern alongside stability below 23.6% Fibonacci correction signal a downside move this week in general; the downside move requires the clear breach of 76.95 followed by 79.00 and also steady daily closing below 80.75-81.00.
The trading range for this week is among the major support at 78.40 and the major resistance at 82.00.
The short-term trend is to the downside as far as 89.35 remains intact with targets at 77.70.
|Recommendation||Based on the charts and explanations above our opinion is selling the pair with the breach of 79.65 targeting 77.70 and stop loss above 80.75 might be appropriate this week|