Resistance: 1,2990-00/ 1,3050/ 1,3080/ 1,3100/ 1,3135/ 1,3180/ 1,3230/ 1,3280/ 1,3300
Support: 1,2930/ 1,2890/ 1,2870 /1,2825/ 1,2760-70/ 1,2640-50
Comment: Euro's rise was continued in the beginning of the week and resistance at 1,2950-70 is being tested. As we had mentioned in previous analysis, a move above 1,2830 ( the top of the candle that had led to the exit of the consolidation), would cancel our lower targets at 1,2400 and 1,2330 and bring back a positive sentiment regarding euro.
A move resumption to 1,3070-90 area, where the ranges for the reversal are found, would be possible. This resistance level is strong and a reaction would be possible. A possible break would indicate the trend reversal and next targets will be set at 1,3350-00 or even 1,3800 area. This would be a positive sign for our longer term scenario, which sees a wider consolidation and the upward move will be a part of it.
First support is found at 1,2850-70, followed by 1,2750-70, which should not be breached is the trend is going to be reversed. Any upward expectation will be canceled in case of a move below 1,2630.
We are bullish and our target will be set at 1,3050-70. We will try buy positions at current levels and at the retracements towards 1,2830-60, with stops below 1,2750.
The reach of 1,3080-00 without any previous correction, may be used for sell orders with stops above 1,3135 and targets at 1,2970-00…
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