Technical Analysis for EURO

Technical Analysis for EURO

The pair sharply dropped and achieved the AB=CD bearish harmonic Pattern’s target. The pair currently stabilized below 88.6% of the pattern’s CD Leg. Based on technical harmonic analysis rules, the previously mentioned could bring more negativity reaching bottom C at 1.3000 levels, 113% and 127.2% Fibonacci at 1.2905 and 1.2805 levels consecutively as shown on the graph. Linear Regression Indicators supports our expectations, but we should expect great volatility and perhaps some upside correction from time to time due to overbought signals as shown on momentum indicators.

The trading range for today is among the key support at 1.2905 and key resistance at 1.3155.

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

Support: 1.3030, 1.3000, 1.2980, 1.2965, 1.2905
Resistance: 1.3080, 1.3100, 1.3150, 1.3170, 1.3205

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.3080 targeting 1.3030, 1.3000 then 1.2905 and stop-loss with four-hour closing above 1.3155 might be appropriate