Weekly Report 02/04 -06/04/ 2012

Adopting a favorable reaction to the positive scenario suggested on past Friday, the pair has soared as well providing the daily chart with convenient positive signs on momentum and trend indicators as seen on the provided daily graph. The candlestick structure may help it to take the resistance line of the potential classical continuation pattern-Flag- suggestingfurther gains during this week. Our soft technical objective resides at 84.15 followed by the psychological level at 85.00; whilst the main technical target resides at the peak recorded in 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, buying the pair around 82.70 targeting 84.90 and stop loss below 81.00 might be appropriate.