EUR/USD Weekly Technical Report 7-11/1/2013

The pair stabilized below the second target of the bearish technical harmonic formation at the beginning of this week, stability below the mentioned 61.8% level at 1.3045 might extend the bearish move to 1.2970 then 1.2925 levels. Breaking 1.2925 levels might clearly extend the downside move toward 1.2760. Trading below 1.3145 levels this week will be considered negative.

The trading range for this week is among the key support at 1.2975 and key resistance at  1.3480.

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

Support 1.3000 1.2970 1.2925 1.2875 1.2820

Resistance 1.3045 1.3095 1.3100 1.3145 1.3170

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.3045 targeting 1.2970, 1.2875 then 1.2820 and stop-loss with four-hour closing above 1.3095 might be appropriate this week