Weekly Report 16/01 -20/01/ 2012

The bearishness stopped again and the pair returned to trade around the exponential moving averages 20 and 50 as shown above on the daily chart, and also around the previously breached ascending main support. Currently, we cannot confirm the return of the upside move in spite of the positivity seen on Stochastic and the bullish rebound seen from areas around 1.0185; however, we also cannot confirm the return of the downside movement as RSI attempts to breach the 50-point level and the pair isn't able to confirm the stability above the exponential moving averages at 1.0205. Therefore, we remain neutral in our weekly report.

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

RecommendationBased on the charts and explanations above, we remain neutral awaiting more confirmations