Weekly Report 21/11 -25/ 11/ 2011

The pair's attempts to settle above the level of 1.3565 have failed, while the pair is still stable below the neckline of the bearish technical structure at 1.3665. Consolidation below the mentioned levels suggests new bearish attempts, targeting 78.6% Fibonacci correction at 1.3380 and maybe 88.6% at 1.3270.

The trading range for this week is among the major support at 1.3270 and the major resistance at 1.3840.

The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135

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RecommendationBased on the charts and explanations above, our opinion is selling the pair around 1.3565, and take profit in stages at (1.3410 and 1.3270) and stop loss above 1.3665 might be appropriate