Technical Analysis for EURO
After the pair dropped, we find it steady at key support level of the upside move as shown on graph as it failed yesterday to break it. Some upside correction might occur from the current levels; despite that the overall bearish move starting from 1.3710 isn't over yet, we will suggest an upside correctional wave today due to Risk/Reward ratios. Breaking 1.2835 levels cancels the correction possibility and extends bearishness towards the previous bottom 1.2744.
The trading range for today is among the key support at 1.2745 and key resistance at 1.2990.
The general trend over short term basis is to the downside targeting 1.2560 as far as areas of 1.3270 remains intact.
Support: 1.2860, 1.2835, 1.2805, 1.2780, 1.2745
Resistance: 1.2880, 1.2905, 1.2940, 1.2970, 1.2990
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.2870 targeting 1.2905, 1.2940 then 1.2970 and stop-loss with four-hour closing below 1.2835, and in case of stop loss, selling the pair below 1.2835 targeting 1.2805, 1.2780 and 1.2745 and stop-loss with four hour closing above 1.2870 might be appropriate