Weekly Report 05/12 -09/ 12/ 2011
The pair inclined after reaching the previously suggested ascending support level, while Stochastic is currently positive. Consolidation above 1.0070 supports the upside move to extend, but stability above the exponential moving averages 20 and 50 is required to confirm the bullishness and breach the level of 1.0275. But, we suggests that the upside move could continue, yet heavy fluctuations are possible until the RSI breaches the 50-point level positively.
The trading range for this week is among the major support at 0.9825 and the major resistance at 1.0570.
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 1.0140, and take profit in stages at (1.0275 and 1.0375) and stop loss with 4-hour closing below 1.0070 might be appropriate|