Weekly Report 19/03 -23/03/ 2012

The pair has declined affected by previous Thursday's spinning top pattern as we discussed on Friday while momentum indicators continue offering the probability of printing negative divergences. Meanwhile, Vortex-trend indicator- continues presenting a positive signal. The contrarian between these technical factors forces us to stay aside for the time being until we see if the pair intends to revisit the initial support levels 81.50 areas or will overlook the negative divergence to resume the upside journey towards the high of April, 2011 at 85.50.

The trading range for this week is among key support at 81.25 and key resistance now at 85.50.

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 upcoming big move.