Technical Analysis for EURO
The pair dropped last week causing a break to the bullish key support level and 50% correction at 1.2875 shown on graph. Stability above the referred to level keeps negativity valid, as the first suggested target for this week is 1.2675 represented in 61.8%. Breaking 61.8% correction might extend bearishness in the upcoming period.
The trading range for this week is among the key support at 1.2560 and key resistance at 1.2970.
The general trend over short term basis is to the downside targeting 1.2675 as far as areas of 1.3170 remains intact.
Support: 1.2800, 1.2780, 1.2725, 1.2675, 1.2615
Resistance: 1.2875, 1.2905, 1.2940, 1.2970, 1.3000
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.2875 targeting 1.2800, 1.2725 then 1.2675 and stop-loss with four-hour closing above 1.2970 might be appropriate