Weekly Report 20/02 -24/02/ 2012

The pair has been capable of reaching our short term detected technical objective at 79.55 where a 6-Month high was recorded and we can see how the pair was very close to touch the psychological level of 80.00 during the Asian session. Now, SMA 50- previous broken statistical trend line- over weekly graph could be re-tested before surging bullishly once more affected by the reversal classical pattern which proved its efficiency during the last two weeks. A break above 80.00 zones will bring panic buying interests towards the soft technical target of the classical pattern.

The trading range for this week is among key support at 77.60 and key resistance now at 81.90.

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

Support79.1578.6078.3077.9077.60
Resistance80.0080.2080.5081.2581.90
RecommendationBased on the charts and explanations above our opinion is, buying the pair around 79.15 targeting 81.20 and stop loss below 77.70 might be appropriate.