Technical Analysis for EURO

Technical Analysis for EURO

The pair's move to the upside is limited below 1.5155 levels keeping the trading in a range below the first target of the AB=CD bearish harmonic Pattern. Stability below the referred to level might cause a new attempt to the downside, and might test 1.3080 levels which by stabilizing below it will keep the possibility of touching the psychological barrier 1.3000 valid. Stochastic is showing overbought signals in addition to a negative cross in overbought areas, therefore we expect the pair to drop unless 1.3275 levels were breached today or in the next few days.

The trading range for today is among the key support at 1.3000 and key resistance at 1.3275.

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

Support: 1.3100, 1.3080, 1.3030, 1.3000, 1.2980
Resistance: 1.3155, 1.3170, 1.3205, 1.3235, 1.3275

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.3155 targeting 1.3100, 1.3080 then 1.3000 and stop-loss with four-hour closing above 1.3235 might be appropriate