Technical Analysis for EURO

Technical Analysis for EURO

The EURUSD pair is showing signs of consolidation around 38.2% Fibonacci retracement level following the sharp collapse seen on past Thursday as seen on the provided daily graph. SMA 50-colored in red- in addition to the weakness on momentum indicators may assist bears to haul the pair downwards during this week. On the upside, the pivotal resistance levels between 1.3250 and 1.3275 should act as a ceiling for bears.

The trading range for this week is among the key support at 1.2905 and key resistance at 1.3360.

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

Support: 1.3085, 1.3030, 1.2955, 1.2905, 1.2875
Resistance: 1.3155, 1.3200, 1.3250, 1.3275, 1.3315

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.3060 targeting 1.2955, 12875 then 1.2830 and stop-loss with four-hour closing above 1.3275 might be appropriate this week