Weekly Report 06/02 -10/02/ 2012

The pair has moved bearishly since the opening of the week where it came below SMA 50 over four-hour interval as seen on the secondary image. Over daily studies, the negativity continued appearing on Stochastic and OsMA and thus; the bearishness is still expected during this week. A break below 1.3070-1.3050 zones will accelerate declines softly targeting 1.2925 followed by 1.2870-1.2860. Our risk limit resides in the areas between 1.3340 and 1.3375 zones.

The trading range for this week is among key support at 1.2745 and key resistance at 1.3375.

The general trend over short term basis is to the downside, targeting 1.1865 as far as areas of 1.3550 areas remain intact.

Previous Report

RecommendationBased on the charts and explanations above our opinion is, selling the pair around 1.3140 targeting 1.2860 and stop loss above 1.3340 might be appropriate.