Weekly Report 13/02 -17/02/ 2012
The pair has declined violently on Friday closing below the pivotal level of 1.3230. Indeed, the candlestick structure formed with the weekly closing should bring further downside movements supported by the negativity appearing on Stochastic. But, the pair has opened with a gap as seen on the secondary four-hour graph; thus, we will stay aside until the price behaviors define the kind of this gap. Note that, coming below 1.3155-Friday's low- will bring panic sell-off actions while clearing SMA 100 may negate the bearishness of Stochastic.
The trading range for this week is among key support at 1.2860 and key resistance at 1.3550.
The general trend over short term basis is to the downside, targeting 1.1865 as far as areas of 1.3550 areas remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.|