Weekly Report 5 - 9 / July / 2010

The pair continued its volatile bearish direction within the last descending short term channel, where it was able to recently touch this channel's support and therefore we can expect some minor bullish movement to attempt to bullishly correct before resuming the bearish trend over weekly basis; requiring stable trading below 1.0785 as targets are around 1.0425 then 1.0290. The stochastic is nearing overbought areas and supporting expectations of a bearish direction.

The trading range for today is among the key support at 1.0290 and the key resistance at 1.0865.

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

Previous Report

Support1.05751.04951.04251.03801.0350Resistance1.07051.07851.08351.08801.0925RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0705 targeting 1.0495 and stop loss above 1.0835, might be appropriate.