Weekly Report 13/02 -17/02/ 2012

The pair rallied on Friday to reach levels just below 1.0050 resistance and reverse again, the rally grabbed the price to end the week above the 200-days SMA, while stochastic is leaving oversold areas attempting to gather bullish momentum. Meanwhile, we are still trading below some key technical resistance levels among 1.0050-1.0075; accordingly, we will remain on the sidelines this morning awaiting further developments.

The trading range for this week is expected among the key support at 0.9890 and the key resistance at 1.0075.

The short term trend is to the upside targeting 1.0650 with steady daily closing above 0.9900.

Previous Report

RecommendationBased on the charts and explanations above, we recommend staying aside awaiting further confirmations.