Last week I was suspecting that EURO may not continue its last day’s move as finance minister’s meeting was already discounted and it is good to see that it gets support at around 1.30.
Now its bearish pattern is more prominent and from here it can easily go at 1.25 level, provided it breaks around 1.30 range. Therefore its long-term pattern which says that EURO will be around 1.15 may become true.
Here I must say that EURO is in short-term oversold condition, so things can reverse from here, therefore 1.32–1.33 is the important initial resistance for it. If EURO crosses 1.35 then it may trigger a pattern which can take it towards 1.42. I will think about its upside when EURO crosses 1.36, investors who took short positions may think about covering their positions if Euro goes level above 1.36.
[EURO is given against US dollar, unless specifically told.]
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