Technical Analysis for EURO

Technical Analysis for EURO

The pair approached the ascending key support level 1.2970 at 23.6% correction before rebounding to the upside. Stochastic is showing oversold signals forcing us to suggest a bullish rebound today affected by key support level that took the pair from the bottom at 1.2039. Stability below 1.2970 will fail any upside attempt.

The trading range for today is among the key support at 1.2870 and key resistance at 1.3170.

The general trend over short term basis is to the upside targeting 1.3600 as far as areas of 1.2970 remains intact.

Support: 1.3000, 1.2970, 1.2945, 1.2905, 1.2870
Resistance: 1.3040, 1.3080, 1.3115, 1.3150, 1.3170

Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.3000 targeting 1.3080, 1.3115 then 1.3170 and stop-loss with four-hour closing below 1.2945 might be appropriate