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EUR/USD Weekly Technical Report 26-30/11/2012
The pair has soared on Friday to close above 61.8% Fibonacci retracement of the entire downside rally from 1.3485 to the significant low of 1.2040 as seen over daily studies. Actually, these inclines have offered positive signs on momentum, trend and oscillators indicators while the weekly candlestick formation has proved the strength of bullish momentum. From here, we believe that further strength could be seen at least during the first half of this week; noting that 1.30s should be taken out to activate this scenario.
The trading range for this week is among key support at 1.2735 and key resistance at 1.3165.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Support 1.2935 1.2890 1.2845 1.2825 1.2790
Resistance 1.3000 1.3055 1.3070 1.3110 1.3145
Recommendation Based on the charts and explanations above our opinion is, buying the pair above 1.2995 targeting 1.3140 and stop loss below 1.2860 might be appropriate this week.
Thanks for your feedback.
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