Weekly Report 09/04 - 13/04/ 2012

The pair is currently re-testing the initial support line of our previous suggested flag pattern as seen on the provided daily graph. In the interim, Stochastic and RSI 14 are approaching oversold territory suggesting a potential rebound but due to the sensitivity of the current levels, we prefer staying aside until the pair proves the awaited upside rebound as hitting the support of the classical pattern will damage this classical continuation picture. Coming back above 82.25 will confirm the bullish scenario while clearing 81.00 will change the short term direction to the downside.

The trading range for this week is among key support at 79.55 and key resistance now at 83.70.

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

Previous Report

Support81.0080.7580.2080.0079.55
Resistance81.8082.2082.5083.2083.70
RecommendationBased on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.