Weekly Report 20/02 -24/02/ 2012
On Friday, the pair has closed back in the middle of the 0.9105-0.9310 range as seen on the provided daily chart. The sort of the gap formed with the weekly closing is unclear and we should watch out the price behaviors in addition to the daily closing to predicate a potential direction. Indeed, Stochastic is negative now but we will not follow it until the pair clears 0.9080 zones and preferably 0.9030 areas. On the upside, encountering the key resistance 0.9230 zones once again will indicates a higher probability of a breakout above 0.9310 areas.
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.
|Recommendation||Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.|