EUR/USD Weekly Technical Report 13-17/1/2014

The pair moved to the upside at the beginning of the week and stabilized above 38.2% correction at 1.3660 showing on graph. Stability above the referred to level support extending the ascending channel and the upside move. Breaking 1.3590 might weaken our positive outlook while breaking 1.3520 will fail it, but trading above these levels will extend the upside move over intraday basis and for the week.

Of note, momentum indicators and Linear Regression Indicators are showing some negative bias; therefore 1.3590 levels shouldn’t be broken.