The euro traded yesterday above weekly support of 1.2324 which can be regarded as the relief from downward pressure. However, we are in the price range of 1.2440 and 1.2206, and the pair may fluctuate within these levels.
As you know, there are a lot of problems in Europe at this time, which prevented me from buying this coin. Furthermore, we must admit that the problem is so complex that it is easy to understand. This is one of the worst scenarios for investment.
The fact that the euro is doing very well could have a lot to do with the fact that almost no volatility at the moment.
So our long term outlook remains bearish. We may see a recovery of the euro if it comes out at the mentioned above price range. 1.26 may be a strong level of resistance.
In the short term we recommend selling at 1.2408 strong resistance level with targets at 1.2324 and 1.2210, the stop loss is placed above 1.2450.

If you need a personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com

If you like my Technical analysis, please vote for me, but first you must register at the portal MT5 for a vote to be valid. Thanks.

Gerardo Porras Palomino is taking part in the "Analyst of the Year" award organized by MT5.com portal. If you like his article, please vote for him.

Performed by Analytical expert: Gerardo Porras Palomino
InstaForex Group © 2007-2013