Weekly Report June 28 - July 2 / 2010

The pair is moving to the downside in a gradual pace within the current bearish channel, where it was able to insure the breach of 61.8% Fibonacci correction at 1.0970. The way seems to be open towards vital support levels for the short term direction around 1.0825 - 1.0790. Therefore, we expect more bearish movement to reach mentioned support levels and then observe the pair's movement to insure the upcoming direction.

The trading range for today is among the key support at 1.0700 and the key resistance at 1.1115.

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

Previous Report

Support1.09251.08751.08251.07901.0725Resistance1.09701.10451.11151.11751.1215RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0970 targeting 1.0825 and stop loss above 1.1045, might be appropriate.