Weekly Report 09/01 -13/01/ 2012

The pair inclined sharply, negating our previous expectations, where the pair returned to settle above 1.0275 and above the ascending main support level and also above the exponential moving averages 20 and 50. This incline was triggered after the breach of 1.0070. Currently, Stochastic is within overbought areas, therefore we remain neutral, awaiting further confirmations regarding the stability above 1.0185 and 1.0275.

The trading range for this week is among the major support at 1.0000 and the major resistance at 1.0620.

The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.

**New York Candlesticks**

Previous Report

Support1.02751.02551.02051.01851.0140
Resistance1.03651.04751.05001.05601.0620
RecommendationBased on the charts and explanations above, we remain neutral awaiting more confirmations