Weekly Report 21/11 -25/ 11/ 2011
The pair has moved upwards adopting favorable reaction to our previous caught positive signs on momentum indicators where it succeeded in approaching the key resistance levels of 77.10-77.15 as seen on the provided four-hour graph. Now, it seems that it will take those momentum indicators to oversold areas once more before achieving the second technical attempt to breach the important resistance level. We still classify the current price behaviors as correctional actions for the upside wave from 75.50 to 79.50 while a break of 77.15 will confirm resuming the huge reversal started at 75.50. To recap, the bullishness is still in favor so long as area between 75.80 and 76.10 remain intact.
The trading range for this week is among key support at 75.50 and key resistance now at 79.55.
The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, buying the pair above 77.15 targeting 78.80 and stop loss below 75.80 might be appropriate.|