EUR/USD Weekly Technical Report 3-7/12/2012

The Linear Regression Indicators tend to be positive indicating that the pair is trying to test the key resistance level of the sideways range shown on the chart; this resistance at 1.3095 may trigger a downside correction to test 1.2905 before any new upside attempts as Stochastic offers overbought signals. Therefore, trading below 1.3170 may trigger a temporary bearish correctional before any new upside moves .

The trading range for this week is among key support at 1.2735 and key resistance at 1.3320.

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

Support 1.3000 1.2975 1.2905 1.2845 1.2810

Resistance 1.3065 1.3095 1.3120 1.3170 1.3200

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.3095 targeting 1.3000, 1.2975 then 1.2905 and stop-loss with four-hour closing above 1.3130 might be appropriate this week