Technical Analysis for EURO

Technical Analysis for EURO

The pair dropped with this week's trading and is now stable below 1.2905 level representing 113% CD Leg of the AB=CD bearish harmonic Pattern, therefore the possibility of extending the downside move is valid during this week. The pair might cover the price gap in case of failing to break 1.2805 levels. Trading below 1.3000 will be considered negative.

The trading range for this week among the key support at 1.2560 and key resistance at 1.3155.

The general trend over short term basis is to the downside targeting 1.2560 as far as areas of 1.3270 remains intact.

Support: 1.2865, 1.2805, 1.2780, 1.2725, 1.2660
Resistance: 1.2905, 1.2980, 1.3000, 1.3030, 1.3080

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.2905 targeting 1.2865, 1.2805 then 1.2725 and stop-loss with four-hour closing above 1.3000 might be appropriate this week