Weekly Report 03 - 07 / May / 2010

The pair returned within the ascending channel after attempting to breach its support that has currently ascended towards 1.0800. The positive signs that momentum indicators are showing encourage us to expect a bullish direction for this week; targeting mainly 1.1000 and requiring the daily close to remain above 1.0725 to prevail.

The trading range for today is among the key support at 1.0660 and the key resistance at 1.1000.

The short term trend is to the downside as far as 1.1095 remains intact with targets at 0.9910.

Previous ReportSupport1.08001.07651.07251.06601.0605Resistance1.08451.08951.09451.10001.1050RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.0800 targeting 1.0945 and stop loss below 1.0725, might be appropriate.