Technical Analysis for EURO
The pair dropped sharply yesterday and stabled below Linear Regression Indicators and is trading now below 1.2905 levels keeping the negative pressure over the pair. The downside move is likely to extend to test 1.2805 levels which is considered a significant level and an interval between the possibility of extending the downside move or entering an upside correction which is 127.2% correction of the CD Leg of the AB=CD bearish harmonic Pattern.
The trading range for today is among the key support at 1.2720 and key resistance at 1.3035.
The general trend over short term basis is to the upside targeting 1.2560 as far as areas of 1.3270 remains intact.
Support: 1.2860, 1.2835, 1.2805, 1.2785, 1.2720
Resistance: 1.2880, 1.2905, 1.2940, 1.2980, 1.3000
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.2905 targeting 1.2865, 1.2805 then 1.2785 and stop-loss with four-hour closing above 1.2990 might be appropriate