Weekly Report 16/01 -20/01/ 2012

The pair declined sharply to settle now in areas below 261.8% Fibonacci as shown above at 1.2665, where this stability suggests more bearishness towards 1.2535 at least. But at the same time, Stochastic reflects clear oversold case, while RSI approaches oversold areas. Therefore, we remain neutral in our weekly report and recommend reviewing our next reports, awaiting further confirmation regarding the pair's next move.

The trading range for this week is among the major support at 1.2455 and the major resistance at 1.3000.

The short-term trend is to the upside with steady daily closing above 1.2220 targeting 1.3145

**New York Candlesticks**

Previous Report

RecommendationBased on the chart and explanations above, we remain neutral awaiting more confirmations