The EUR/USD on a weekly basis is HIGHLY LIKELY going to swing up based on pure technical reasons which i will lay below
1.The 50 day simple moving average solidly crossed the 200 Day moving average and from material and texts presented by Japanese Rice traders who invented candlesticks,this represents a strong bullish sentiment
2.the pair has been consistently trading in the same range from 26 August 2012 to date with 3 false breaks two at the bottom and one at the top.The range has been tested and held for the past 1 year 8 months making it a reliable range though no one knows which way the market decides to swing
3. candlestick action resting on the 50Day Simple moving average which is used by Big money to make long/shot descions is acting as a viable resistence at this point
4. the stochastics Oscill has made a hook-shape turn after deeping below the bottom 20 level which represents a domination of an oversold condition
