Weekly Report 09 - 13 / August / 2010
The pair found a hard time breaching 76.4% Fibonacci correction as trading is stuck within the sideway trading range below 61.8% Fibonacci above 76.4%. The bearish slant through the minor bearish channel that trading is wedged in it and due to support from negative crossover signs appearingon Stochastic, we can expect a bearish trend this week that will initially start with the breach of 1.0340 and head towards 1.0130 then towards 0.9915. Chances of continuing the expected bearish direction that depends on the stability below 1.0610.
The trading range for today is among the key support at 0.9915 and the key resistance at 1.0570.
The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.1730.
|Recommendation||Based on the charts and explanations above our opinion is selling the pair with a break of 1.0340 targeting 1.0130 and stop loss above 1.0480, might be appropriate.|