Technical Analysis for EURO

Technical Analysis for EURO

The pair dropped affected by breaking the bullish minor support showing on graph. The pair reached the main support of the ascending channel but is currently trading below 50% correction. The week's move will depend on 1.3520 levels represented in 61.8% correction, whereas stability above the referred to level might trigger a bullish attempt while trading normally within the ascending channel. Of note, breaking the referred to level will trigger a downside move targeting 78.6% and 88.6% correction at 1.3425 and 1.3365 consecutively.

Support: 1.3580, 1.3520, 1.3505, 1.3470, 1.3415
Resistance: 1.3625, 1.3665, 1.3715, 1.3770, 1.3830

Recommendation Based on the above, buy the pair above 1.3580 targeting 1.3660, 1.3715 then 1.3830 and stop-loss below 1.3500 If the stop-loss was triggered, sell the pair below 1.3500 targeting 1.3470, 1.3425 then 1.3365 and stop-loss above 1.3600