Euros saw little action in yesterdays session but we did go to resistance at 1.2970 reaching 1.2972 before sellers came in and slammed it lower...Overnight we have seen yesterdays predication play out and Euros have come within striking distance of 1.2850 target.

Obviously we look a little oversold now on the short term charts, and therefore we would expect a corrective
bounce early in the session. We have already had overnight highs of 1.2914 which ties in with 1.2915 resistance and therefore another move to this resistance should not be ruled out. If we do break above here once more we are limited to 1.2970/90 and this would be the outside resistance the market should reach.

Now if we stall at the Daily Pivot of 1.2919 and just go sideways, take this as a sign of weakness and wait for the oversold indicators to unwind before selling. Support remains at 1.2850. A loss through here sees 1.2820/15 initially. Below this and we see 1.2795 then 1.2755/50.

The article was first published by CharmerCharts