Technical Analysis for EURO

Technical Analysis for EURO

The AB=CD bearish harmonic pattern is still pushing the pair to the downside and is trading now around 50% correction of CD Leg of the harmonic pattern, and stable also below the first target represented in 38.2% correction at 1.3440. The pair might face a new attempt to the downside, and the bearish move remains strong by stability below 1.3405 levels during the European session.

The trading range for today is among the key support at 1.3235 and key resistance at 1.3500.

The general trend over short term basis is to the upside targeting 1.4375 as far as areas of 1.2990 remains intact.

Support: 1.3310, 1.3270, 1.3250, 1.3235, 1.3180
Resistance: 1.3385, 1.3405, 1.3440, 1.3500, 1.3545

Recommendation Based on the charts and explanations above, our opinion is selling the pair around 1.3355 targeting 1.3310, 1.3270 then 1.3235 and stop-loss with four-hour closing above 1.3405 might be appropriate