Weekly Report 23/04 -27/04/ 2012
Peaking above the key resistance of 0.9230 during the past week didn't prevent the pair from moving downwards on Thursday and Friday. But, the pair has opened the week with a gap while RSI 14 reflects neutral case despite the stability seen below Ribbons studies (EMA 10 to 80) as seen on the provided daily chart. The sensitivity of the current trading levels and ratio of risk versus reward -which is too high in case we supported short positions- force us to stay aside.
The trading range for this week is among key support at 0.8890 and key resistance at 0.9355.
The general trend over short term basis is to the upside, targeting 0.9950 as far as areas of 0.8850 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.|