Weekly Report 24 - 28 / May / 2010

The pair is fluctuating near resistance for the ascending channel that organizes the bullish short term trend, while signs of a bearish technical pattern appearing point out that the pair is on its way towards achieving some bearish correction, while retesting the previously breached resistance that has become support at 1.1300. From here, we see that the direction for this week is bearish; targeting mainly 1.1300 and requiring stability below 1.1585.

The trading range for today is among the key support at 1.1180 and the key resistance at 1.1865.

The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2000.

Previous ReportSupport1.14801.14301.13851.13001.1245Resistance1.15851.16201.16851.17351.1785RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.1480 targeting 1.1300 and stop loss above 1.1585, might be appropriate.