Weekly Report 20/02 -24/02/ 2012
Our previous hinted Elliott count over four-hour interval hasn't been damaged yet-check the previous report- but approaching the key resistance level between 1.5890 and 1.5925 along with the positivity on Stochastic forces us to stay aside until the daily chart provides additional confirmations that the bullish momentum started at 1.5650 is strong enough to clear the aforesaid sensitive levels followed by 200-Day SMA. Carefully note that coming back below the pivotal support of 1.5785 will bring the bearish picture back into focus.
The trading range for this week is among key support at 1.5460 and key resistance at 1.6165.
The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 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.|