Technical Analysis for EURO

Technical Analysis for EURO

The drop last Friday broke the bullish key support level of the ascending channel as showing on graph reversing trading below 1.3665 levels to negative and might extend the downside move this week.

Of note, stabilizing below 1.3520 is required to confirm bearishness and limit any bullish correction. Linear Regression Indicators and MACD are negative. But momentum indicators require stability below 1.3595 so the pair won’t respond to the oversold signals showing on Stochastic.

Support: 1.3520, 1.3505, 1.3470, 1.3415, 1.3380
Resistance: 1.3595, 1.3625, 1.3665, 1.3715, 1.3770

Recommendation Based on the above, sell the pair below 1.3560 targeting 1.3470, 1.3365 then 1.3295 and stop-loss above 1.3665 If the stop-loss was triggered, buy the pair above 1.3665 targeting 1.3715, 1.3770 then 1.3830 and stop-loss below 1.3590