The Bear dominating the market for the last three weeks, this confirms the strength of the fib. key level (May 2011 high - July 2012 low). We have seen a clear break on daily candle at the end of the week, that will open a chance for this pair to touch 1.247.
The Pattern :
A daily pattern is complete with 355 pips range. That would also confirm the possible next target of this pair around 1.24.
The Target :
Combining that break out target with we have a possible target area somewhere between 1.24-1.247.
Next week there are many of important economic data on the calendar especially the Eco Fin Meeting, Eurozone ZEW Survey, GDP and CPI .