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Weekly Report (July 4-8, 2011)

Trading stabilized above the resistance for the descending correctional channel shown above. The stability and the support offered by the MA 50 and the previously completed bullish pattern with the breach of its neckline shown in red. All those factors support our expectations for a bullish move this week targeting 1.4700 then 1.4950. Stability above 1.4495-40 is required for our expectations to prevail.

The trading range for this week is among the major support at 1.4375 and the major resistance at 1.4940.

The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.

Weekly Report (July 4-8, 2011)

The pair maintained its stability above 50% Fibonacci correction and the MA 50 and accordingly we see the chance for the pair to resume the upside move for this week targeting the main resistance for the descending correctional channel at 1.6310 which resides with the retest for the breached support for the main ascending channel. We have a minor bullish formation with the neckline at 1.6105 which will support the upside move. Breaching areas of 1.6000 will weaken the suggested scenario.

The trading range for this week is among the major support at 1.5880 and the major resistance at 1.6415.

The short-term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.

Weekly Report (July 4-8, 2011)

The pair continues to fluctuate around the MA 50 and the 23.6% Fibonacci correction, noting that last week’s closing was below the mentioned MA. Therefore, we see the likelihood for a bearish move this week supported by the downside move on Stochastic. The bearishness requires the breach of the support for the minor ascending channel at 80.25, and breaching the neckline for the bearish pattern at 79.65 and also steady daily closing below the MA 50.

The trading range for this week is among the major support at 78.00 and the major resistance at 82.50.

The short-term trend is to the downside as far as 89.35 remains intact with targets at 77.70.

Weekly Report (July 4-8, 2011)

The pair reached the resistance for the main descending channel that resides with the sideways range resistance and also the 38.2% Fibonacci correction. The resistance area mentioned and the negativity on momentum indicators make us expect a downside move for this week targeting the resumption of the bearishness within the main descending channel targeting next 0.8325 then 0.8170. Breaching areas of 0.8540 with stability above it will activate the bullish pattern and lead the pair higher towards 0.8755.

The trading range for this week is among the major support at 0.8170 and the major resistance at 0.8675.

The short-term trend is to the downside with steady daily closing below 1.0330 targeting 0.8000.

Weekly Report (July 4-8, 2011)

The pair continues to trade with a downside bias and now around the gateway for the general downside move at 0.9565. We expect this level to hold strong against the downside attempts since it resides with the retest for the breached resistance, the 23.6% Fibonacci correction, and negativity on momentum indicators. Therefore, we might see some fluctuations before resuming the downside move expected for this week targeting 0.9440 then 0.9325, which requires stability below 0.9695.

The trading range for this week is among the major support at 0.9270 and the major resistance at 0.9770.

The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.