Weekly Report (June 27 - July 01, 2011)

The sideways range continues to dominate the pair's trading. Currently, the pair is stable below the MA 50 and Stochastic is approaching overbought areas. Stability below 80.95 areas keeps the downside possibility valid, and stability above those areas favor the upside move this week. Therefore, we remain neutral over weekly basis and observe the pair over the coming period to determine the next move.

The trading range for this week is among the major support at 78.00 and the major resistance at 83.85.

The short-term trend is to the downside as far as 89.35 remains intact with targets at 77.70.

RecommendationBased on the charts and explanations above we recommend observing trading today awaiting more confirmations