EUR/USD Weekly Technical Report 14-18/1/2013

The pair rose and stabilized above 127.2% Fibonacci shown on the graph, and Linear Regression Indicators are trading positively. Therefore, trading above 1.3310 levels will be considered positive and a reason to extend the upside move over intraday basis. Stochastic offers overbought signals which might cause heavy volatility and possible downside corrections.

The trading range for this week is among the key support at 1.3105 and key resistance at 1.3685.

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

Support 1.3335 1.3310 1.3280 1.3235 1.3190

Resistance 1.3405 1.3485 1.3500 1.3580 1.3620

Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.3335 targeting 1.3385, 1.3485 then 1.3500 and stop-loss with four-hour closing below 1.3235 might be appropriate this week