Weekly Report 28/11 -02/ 12/ 2011
The pair declined sharply affected by 78.6% Fibonacci correction, where we see a daily closing below this level. But at the same time, the pair is still above the ascending support level shown in red, and also above the critical intraday barriers of 1.0255 and 1.0275. Therefore, the current downside movement is only a correction to relieve momentum indicators before the return of the upside move.
The trading range for this week is among the major support at 1.0100 and the major resistance at 1.0690.
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|