Weekly Report (July 11-15, 2011)

The minor upside channel is controling the pair until now. We also see Stochastic trying to turn positive, and the pair is near the main support of the upside channel. Consolidation above the upside channel's main support at 80.40 may push the pair to rebound again to the upside, trying to stabilize above the strong resistance at 81.40.

The trading range for this week is among the major support at 79.00 and the major resistance at 83.50.

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

Previous report

RecommendationBased on the charts and explanations above our opinion is buying the pair around 80.55 targeting 81.85 and stop loss below 79.80 might be appropriate