Weekly Report 09/01 -13/01/ 2012
The pair rebounded to the upside after reaching areas around 1.2665, which represents 261.8% Fibonacci projectionas shown above on the chart. Stochastic and theRSI 14are within oversold areas, which could trigger another upside correctional wave that could support the pair to retest areas around 1.2795 and maybe 1.2875. But, after reaching these areas, we should remain neutral,waiting formore confirmations. A breach of 1.2665 should negate any upside correction.
The trading range for this week is among the major support at 1.2740 and the major resistance at 1.3270.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135
**New York Candlesticks**
|Recommendation||Based on the charts and explanations above, our opinion is buying the pair around 1.2700, and take profit in stages at (1.2790 and 1.2875) and stop loss with 4-hour closing below 1.2665 might be appropriate today|