Weekly Report 09/04 - 13/04/ 2012

The pair continued consolidating above the key support levels of 0.9895 as seen on the provided daily chart. SMA 50 was taken as well on Friday; thus, we hold onto our bullish expectations based on the major falling wedge pattern and stability above the previous broken upper line of this wedge. A break above 1.0000 will weaken the psychological level of 1.0045.

The trading range for the week is expected among the key support at 0.9800 resistance at 1.0250.

The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9880.

Previous Report

RecommendationBased on the charts and explanations above our opinion is, buying the pair around 0.9930 targeting 1.0045 and stop loss below 0.9850 might be appropriate.