Weekly Report 16/04 -20/04/ 2012

The pair remains trapped within a very tight range as seen on the provided daily chart. Stochastic and RSI 14 are on their way to show positive signs that may cause an upside recovery but trading below 81.50 resistance and the negativity on Vortex indicator -trend indicator- are rational technical factors that force us to stay aside. The potential support for short term bulls resides around the psychological level of 80.00.

The trading range for this week is among key support at 79.55 and key resistance now at 82.70.

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.