Weekly Report 21/11 -25/ 11/ 2011
The pair is stable above the ascending support level shown above in red, and also above 50% Fibonacci correction at 1.0275. Therefore, we expect the pair to continue the upside move, especially when the pair is stable above the Exponential Moving Averages 20 and 50. Stochastic is within overbought areas, which could trigger some fluctuations, but any trading above 1.0185 should support our positive expectation to remain valid while stability above 1.0205 is much better.
The trading range for this week is among the major support at 0.9700 and the major resistance at 1.0475.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
**New York Candlesticks**
|Recommendation||Based on the charts and explanations above, our opinion is buying the pair around 1.0275, and take profit in stages at (1.0375 and 1.0475) and stop loss with 4-hour closing below 1.0185 might be appropriate|