Weekly Report 26/03 -30/03/ 2012

In line with Friday's scenario, the pair has declined sharply approaching the detected technical objective of 81.50 as seen on the provided daily chart. Now, it is clear that the bearish momentum started to lose its motive after rebounding quickly from 81.90 zones but Stochastic remains negative. In the interim, Vortex started to turn positive again; thus, we believe that staying aside is a good technical choice until this contrarian between signs disappears. Of note, taking 84.15 will ease the path towards the high recorded in April, 2011 at 85.50.

The trading range for this week is among key support at 80.00 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, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.