Weekly Report 23 - 27 / August / 2010

The pair continues trading near support for the sideway range leaning to the downside at 1.0305, where negative pressure is coming fromSMA 50 as momentum indicators are showing oversold areas that will cause us to maintain previous expectations intact. We expect a possible bullish trend this week that chiefly targets resistance for the current channel at 1.0590. The bullish trend's continuation relies on the daily closing above 1.0305 to prevail.

The trading range for today is among the key support at 1.0200 and the key resistance at 1.0645.

The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.1730.

Previous Report

RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.0305 targeting 1.0460 and stop loss below 1.0220, might be appropriate.