Weekly Report 13/02 -17/02/ 2012

The pair has closed above 50% Fibonacci retracement of the entire upside rally from 75.50 to 79.50 zones after reaching all upside technical targets proposed during the past week. Actually, the bullish journey which we caught when RSI 14 has formed the positive divergence around 76.00 zones has taken momentum indicators towards overbought areas. Therefore, we will stay aside until the pair unloads the negativity of indicators to enter the new upside wave in the proper time since the weekly basis is defiantly positive and we will discuss that in the coming reports.

The trading range for this week is among key support at 76.00 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.

Previous Report

Support77.3076.9576.7076.4076.10
Resistance77.9078.3078.4578.9079.15
RecommendationBased on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.