Weekly Report 12 - 16 / July / 2010

The pair is trading near to resistance for the key bearish channel at 1.0595, where this resistance met with SMA 50 and continues to protect the bearish short term wave. The narrow fluctuation last Friday forced the pair to lose bullish momentum, where negative signs are evident through Stochastic. Therefore, we expect a bearish trend for this week that chiefly targets 1.0265, but keep in mind the importance of the daily closing stabilizing below 1.0645 to maintain chances of achieving these expectations.

The trading range for today is among the key support at 1.0265 and the key resistance at 1.0755.

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

Previous ReportSupport1.05351.04751.04251.03801.0350Resistance1.05951.06451.07001.07551.0785RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0595 targeting 1.0380 and stop loss above 1.0645, might be appropriate.