Weekly Report 20/02 -24/02/ 2012

During the last week, the pair has dropped violently placing a 1-month low on Thursday where it reached our previous suggested technical target at 1.2975 and then, Stochastic has overlapped positivity pushing it higher towards the current sensitive areas. Additional upside rallies could be seen if it succeeded in taking 1.3230-1.3250 zones with a daily closing but we can see how the week has opened with a gap. We can't define the sort of this gap until we see the price behaviors during the upcoming hours. Thereby, we will avoid trading until the pair proves the strength ofbullish momentum started at 1.2975 zones.

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.

Previous Report

Support1.31401.30701.30251.29751.2925
Resistance1.32301.32951.33201.33701.3415
RecommendationBased on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.