EUR/USD Weekly Technical Report 10-14/11/2012

The pair traded this week with downside tendency but stable now around 50% correction levels at 1.2895 and above Linear Regression Indicators 55 which may trigger an upside correction. Stochastic shows oversold signals supporting the correction mentioned earlier; nevertheless, tr ading below 1.3015 will support the extension of the downside move in the coming period.

The trading range for this week is among key support at 1.2715 and key resistanceat 1.3165 .

The general trend over short term basis is negative targeting 1.1865 as far as areas of 1.3550 remain intact.

Support 1.2840 1.2800 1.2760 1.2715 1.2660

Resistance 1.2950 1.2975 1.3015 1.3080 1.3125

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.2950 targeting 1.2895, 1.2840 then 1.2760 and stop-loss with four-hour closing above 1.3015 might be appropriate this week