Weekly Report 07 - 11 / June / 2010

The pair returned within the bullish trend once again after attempting to bearishly correct for retest the previously breached resistance level around 1.1400. Trading will be wedged within a sideway range, shown above, which could continue until the pair is able to rid of the clear negative momentum appearing on the four-hour chart, then head towards continuing the expected bullish weekly trend, where its main targets start at 1.1965. Keep in mind that stability will be achieved below 1.1480 and may pave the way to returning to attempt to bearishly correct once again.

The trading range for today is among the key support at 1.1380 and the key resistance at 1.1965.

The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.

Previous Report

Support1.16001.15401.14801.14001.1380Resistance1.16851.17301.17801.18251.1865RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.1600 targeting 1.1780 and stop loss below 1.1480, might be appropriate.