Weekly Report 23/01 -27/01/ 2012
The pair failed to pass the level of 1.1085 and the pair remained in areas below the suggested (B) point of the bearish harmonic structure. In fact, consolidation below 1.0185 is necessary for the downside movement to continue, where trading above this level could trigger anupside move during this week. Stochastic is negative, while RSI failed to breach the 50-point level. Therefore, we will hold onto our negative expectations as they are.
The trading range for this week is among the major support at 0.9905 and the major resistance at 1.0375.
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 selling the pair around 1.0140, and take profit in stages at (1.0070 and 1.0010) and stop loss with 4-hour closing above 1.0205 might be appropriate|