The pair ascended clearly yesterday, whereas today we see that yesterday's upside movement insured the classical bullish technical pattern's upward move as its neckline is at $1.2435 per euro. Momentum indicators are showing overbought signs which could cause fluctuation and some bearish correction. However, any trading above the mentioned neckline will maintain the expected bullish trend intact. We should point out that we are awaiting the US jobs report today that will cause major fluctuation in financial markets.
The trading range for today is among the key support at 1.2270 and the key resistance at 1.2780.
The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
Previous Report Weekly ReportSupport1.24701.24001.23801.23351.2270Resistance1.25601.26351.26851.27401.2780RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.2470 targeting 1.2780 and stop loss below 1.2380, might be appropriate.