Weekly Report 30/01 -03/02/ 2012

The pair is currently finding a very good support above the short term key level at 0.9105-previous broken resistance- as seen on the provided daily chart. It started to attack SMA 100 while oversold signals appearing on Stochastic and Keltner channel. In the interim, RVI 14 is running behind the clear sign appearing on Stochastic. As a consequence, bulls may dominate the movements of the pair during this week. A break above 0.9225 will weaken 0.9310 areas. Conversely, areas around 0.9030 represent the last defense for buyers.

The trading range for this week is among key support at 0.8890 and key resistance at 0.9470.

The general trend over short term basis is to the upside, targeting 0.9950 as far as areas of 0.8850 areas remain intact.

Previous Report

RecommendationBased on the charts and explanations above our opinion is, buying the pair around 0.9140 targeting 0.9360 and stop loss below 0.9030 might be appropriate.