Weekly Report 02/04 -06/04/ 2012

The pair couldn't take the wide resistance areas between 1.3380 and 1.3435 forming another long upper shadow for Friday's candlestick as seen on the provided daily chart. Meanwhile, Stochastic is still giving off a confirmed negative signal reflecting the strength of the aforesaid resistance areas; thus, the bearish picture may come back into focus during this week but not before clearing the pivotal support level at 1.3295.

The trading range for this week is among key support at 1.3025 and key resistance at 1.3680.

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

Previous Report

RecommendationBased on the charts and explanations above our opinion is, selling the pair below 1.3295 targeting 1.3080 and stop loss above 1.3455 might be appropriate.