Technical Analysis for EURO
The pair rose sharply yesterday after touching around 1.2905 levels but remained limited below key resistance levels of the descending channel as shown on graph. Stochastic is showing overbought signals and Linear Regression Indicators are still negative. Therefore, the downside move might return but breaching 1.3080 levels might extend the bullish move.
The trading range for today is among the key support at 1.2880 and key resistance at 1.3150.
The general trend over short term basis is to the upside targeting 1.4375 as far as areas of 1.2990 remains intact.
Support: 1.3000, 1.2980, 1.2940, 1.2905, 1.2880
Resistance: 1.3035, 1.3080, 1.3100, 1.3155, 1.3170
Recommendation Based on the charts and explanations above, our opinion is selling the pair around 1.3035 targeting 1.2980, 1.2940 then 1.2905 and stop-loss with four-hour closing above 1.3080, in case of stop-loss, buying the pair above 1.3080 targeting 1.3100, 1.3155 and 1.3170 and stop-loss with four hour closing below 1.3035 might be appropriate