EUR/USD Weekly Technical Report 18-22/2/2013

The pair is still trading negatively, as it started this week negatively below 50% correction of CD Leg of the AB=CD bearish harmonic Pattern. The previously mentioned shows the possibility of extending the second target of the pattern at 1.3270 levels, which by breaching it the bearish move might extend reaching the key support level of the upside move shown on the graph. Linear Regression Indicators supports our negative expectations, but great volatility is expected due to entering oversold areas as shown on Stochastic.

The trading range for this week is among the key support at 1.3150 and key resistance at 1.3545.

The general trend over short term basis is to the upside targeting 1.3990 as far as areas of 1.3350 remains intact.