Weekly Report 28/11 -02/ 12/ 2011

The pair opened this week above 88.6% Fibonacci correction as shown above at 1.3270. This sign is positive, but also we cannot confirm the return of the upside move based on this sign. Furthermore, the negative bias seen on the daily chart is accompanied with Stochastic being in oversold areas, while the relative strength index reached the 20-point level. Therefore, we remain neutral in our weekly report, awaiting more confirmations.

The trading range for this week is among the major support at 1.3000 and the major resistance at 1.3490.

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

Previous Report

Support1.32701.32201.31601.31101.3080
Resistance1.33051.33501.33801.34101.3490
RecommendationBased on the chart and explanations above we remain neutral awaiting more confirmations