Weekly Report 07/11 -11/ 11/ 2011
The pair is currently trading between 50% and 38.2% Fibonacci corrections of the bullish Bat harmonic pattern, where these corrections are at 1.3850 and 1.3680 respectively. Consolidation below 1.3680 could indicate that the pair settled for the first extended target of 78.6% Fibonacci correction at 1.4250, while stability above 1.3850 suggests that the pair is still affected by the bullish pattern. The Relative Strength Index is trading below the 50-point level, while Stochastic is positive. Therefore, and due to the technical conflict seen, we remain neutral in our weekly report, awaiting more confirmations.
The trading range for this week is among the major support at 1.3380 and the major resistance at 1.4390.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
**New York Candle Sticks**
|Recommendation||Based on the charts and explanations above we remain neutral awaiting more confirmations|