Weekly Report 26/03 -30/03/ 2012

The pair has moved to the downside once more during Friday's trading session but couldn't breach the confluence of resistances around 0.9075 where 50% Fibonacci of the above seen wave and the lower line of Keltner channel exist. The conflict between Stochastic and RVI 14 reflect the technical hesitation but we believe that a break above 0.9145 will bring the bullish picture back into focus while clearing 0.9030 areas will send the pair lower towards 0.8960 again. To conclude, we will stay aside due to the sensitivity of the current technical levels.

The trading range for this week is among key support at 0.8850 and key resistance at 0.9360.

The general trend over short term basis is to the upsidetargeting 0.9950 as far as areas of 0.8850 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.