Weekly Report 12/03 -16/03/ 2012

The pair has soared reaching our short term detected technical targets around 82.50 zones as seen on the provided daily chart. The daily studies propose a mild downside recovery to relieve momentum indicators before resuming the bullishness after clearing all technical obstacles during the previous period. The subsidiary image of the weekly basis shows that the path is clear towards the high recorded on April, 2011 at 85.50 supported by the bullish momentum on the weekly candlesticks.

The trading range for this week is among key support at 80.50 and key resistance now at 85.50.

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

Previous Report

RecommendationBased on the charts and explanations above our opinion is, buying the pair around 81.75 targeting 84.00 and stop loss below 80.20 might be appropriate.