FXstreet.com (Barcelona) - The Euro is showing a mild downward attempt on early European morning and after having capped at 1.4855, the Euro is testing 1.4800/20 area which, according to Carlo Harmer, technical analyst at Charmer chars could be the entrance for a dip towards 1.4785/70 area.
Below 1.4815, sellers could bring the pair down to 1.4785/70 fist target, according to Harmer: a break of 1.4815 this morning would make the market weaker with 1.4785/70 then the short term objective. Here sellers will cover. They will look to re-instate shorts on a break of 1.4770 as this would lead the market lower for 1.4750/40.
On the upside, 1.4862 is the level to watch, says Harmer: There is a little top at 1.4862. If this top gets broken and 1.4885 trades there is not much to hold this until 1.4929/30. Buyers will be taking profits at these higher levels. Sellers may enter, but again stops to be kept tight above 1.4965.