Technical Analysis for EURO

Technical Analysis for EURO

The pair touched 38.2% correction at 1.3185 levels shown on graph which took the pair slightly to the upside. Some bullish correction is likely, but the downside move remains favored as long as the pair is stable below 1.3315. The pair is also trading again within a sideways range as shown on graph, as Linear Regression Indicators are trading negatively supporting further bearishness.

The trading range for this week is among the key support at 1.3020 and key resistance at 1.3385.

The general trend over short term basis is sideways targeting 1.2775 as far as 1.3600 is daily-closing.

Support: 1.3205, 1.3185, 1.3115, 1.3070, 1.3020
Resistance: 1.3245, 1.3285, 1.3315, 1.3345, 1.3385

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.3245 targeting 1.3185, 1.3115 then 1.3020 and stop-loss with four-hour closing above 1.3315 might be appropriate this week In case of stop-loss, buying the pair above 1.3315 targeting 1.3345 and 1.3385 and stop-loss with four-hour closing below 1.3285 might be appropriate