Weekly Report 13/02 -17/02/ 2012

The pair has inclined achieving a daily closing above the middle line of Keltner channel on Friday while Stochastic and RVI 14 remain positive as seen on the provide daily chart. Therefore,the pair maymove higher during this week but not before penetrating 0.9175 zones in order to support the bullish scenario. Our bullish predictions depend on the solidity of the support areas between 0.9105 and 0.9030, the bullish candlesticks formation and the positivity of indicators. A break above 0.9210 will assist bulls to support their long positions.

The trading range for this week is among key support at 0.8875 and key resistance at 0.9400.

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 above 0.9175 targeting 0.9400 and stop loss below 0.9030 might be appropriate.