Weekly Report 23/04 -27/04/ 2012
Bouncing off the pivotal psychological level of 1.3000 during the previous week has taken Stochastic towards the overbought areas as seen on the provided daily graph. Actually, the pair is trapped within sideways range while being covered by SMA 50 and that may bring potential setback over upcoming sessions. In the interim, it is moving above SMA 100 outside the bearish Pitchfork channel creating a technical case of uncertainty. Henceforth, we will stay aside until an actionable setup presents itself during the upcoming hours.
The trading range for this week is among key support at 1.2930 and key resistance at 1.3485.
The general trend over short term basis is to the downside, targeting 1.1865 as far as areas of 1.3550 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.|