Weekly Report 21 - 25 / June / 2010
The pair continues its strong descending push to recently breach 50% Fibonacci correction at 1.1115. Trading now is occurring within the previously breached key bullish channel, where we see that the pair will naturally head towards support for this channel that is around 1.0785 that meets with 76.4% Fibonacci correction for the last bullish wave, which has started from 1.0500 ending with a top 1.1730. We expect a bearish trend this week that targets support mentioned earlier, but with chances of some fluctuation and upside slant due to the positive effect of momentum indicators.
The trading range for today is among the key support at 1.0785 and the key resistance at 1.1260.
The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.
Previous ReportSupport1.09701.09251.08751.08401.0785Resistance1.11151.11701.12151.12601.1320RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.1115 targeting 1.0970 and stop loss above 1.1215, might be appropriate.