Technical Analysis for EURO
The pair dropped and is currently attempting to break 38.2% correction at 1.3185, as breaking it might extend the downside move. Linear Regression Indicators tend to be negative and the drop is a response to breaking the key support level of the ascending channel. Trading below 1.3185 levels forces us to ignore the oversold signals showing on momentum indicators.
The trading range for today is among the key support at 1.3020 and key resistance at 1.3290.
The general trend over short term basis is sideways targeting 1.2775 as far as 1.3600 is daily-closing.
Support: 1.3165, 1.3135, 1.3105, 1.3085, 1.3020
Resistance: 1.3185, 1.3205, 1.3230, 1.3250, 1.3285
Recommendation Based on the charts and explanations above, our opinion is selling the pair around 1.3185 targeting 1.3135, 1.3105 then 1.3085 and stop-loss with four-hour closing above 1.3230