EUR/USD Weekly Technical Report 22-26/10/2012

 Negatively influenced by the dark cloud cover formed on Thursday, the pair has pushed lower approaching the psychological level of 1.3000 once again. The solidity of 76.4% Fibonacci retracement of the entire downside rally from 1.3485 to 1.2040 in addition to the bearishness on Stochastic should bring additional depreciation but we will stand aside during the upcoming hours until the pair takes out 61.8% or 76.4% to confirm the next move.

The trading range for this week is among key support at 1.2750 and key resistance at 1.3270.

The general trend over short term basis is to the  downside  targeting  1.1865  as far as areas of  1.3550  remain intact.

Support    1.3000    1.2955    1.2890    1.2845    1.2825
Resistance    1.3070    1.3110    1.3145    1.3200    1.3270
Recommendation    Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move this week.