The euro inclined as it was being oversold yesterday failing to reach our downside targets but the chance is still open since yesterday's upside movements were nothing more than an attempt to retest the key support for the sideways channel that was breached earlier. The pair is trading now near the 100 day MA on the four hour chart at 1.2740 and we see that if trading continues below this level, it could reverse to the downside. The decline today is concerned with 1.2885 where trading below it will also result in a reverse sooner or later.
The trading range for today is among the key support at 1.2375 and the key resistance at 1.3000The general trend is to the downside as far as 1.5080 remains intact with targets at 1.2340 and 1.2225
Support 1.2670 1.2565 1.2510 1.2485 1.2415Resistance 1.2740 1.2770 1.2835 1.2885 1.2900
Recommendation Sell the pair carefully below 1.2740 with targets at 1.2590 and stop loss above 1.2913
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