Technical Analysis for EURO

Technical Analysis for EURO

The pair failed to reach 1.3115 again and remained limited below Linear Regression Indicator 34 that is trading negatively. Stability below 1.3115 might fail the extension of the ascending wave that may cause a bearish move in an attempt to regain momentum around 1.3030 and perhaps 1.2970 levels. Therefore, our expectations are negative today depending on failing to stable above resistance levels 1.3115 and 1.3155.

The trading range for today is among the key support at 1.2970 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: 1.3080, 1.3060, 1.3030, 1.2990, 1.2970
Resistance: 1.3100, 1.3115, 1.3155, 1.3185, 1.3205

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.3100 targeting 1.3060, 1.3030 then 1.2970 and stop-loss with four-hour closing above 1.3155 might be appropriate