Weekly Report 30/01 -03/02/ 2012

Fifteen pips now separated between the present value of the pair and our technical objective mentioned in the previous report at 76.50 and now, we can see Stochastic approaching oversold areas despite its negativity; whilst Vortex shows the strength of the bearishness occurred during the past two trading days. Thereby, staying aside will be our technical until we see how the pair will behave around the pivotal support levels between 76.50 and 76.00 levels which represent the last defensive level that may prevent the pair from revisiting the all-time low around 75.50 zones. On the upside, taking 77.10 will bring aggressive buying interests towards 78.30 zones.

The trading range for this week is among key support at 75.50 and key resistance now at 78.30.

The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.

Previous Report

RecommendationBased on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcomi9ng big move.