Technical Analysis for EURO
Despite the slight upside move yesterday, we find the pair stabilizing below 50% correction at 1.2875 levels shown on graph, as stability below that level is negative and might trigger further bearishness today and in the upcoming period. In fact, we count on stability below the broken key ascending support level that turned to resistance around 1.3010, but stability below 1.2875 today is required to prove extending the downside move without the need for bullish corrections and the affect of the oversold signals shown on Stochastic.
The trading range for today is among the key support at 1.2710 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: 1.2835, 1.2805, 1.2780, 1.2745, 1.2710
Resistance: 1.2875, 1.2905, 1.2945, 1.2970, 1.3010
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.2875 targeting 1.2835, 1.2780 then 1.2710 and stop-loss with four-hour closing above 1.2970 might be appropriate