EURO continued its move, which I was expecting but still 1.34 look far from it.
Last day’s move is showing that it can go more in the upside but still I am not sure about that. So I am repeating my earlier stand, that it will face resistance at 1.34. 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 technically in over-bought zone so it has a chance to test lower levels, here its initial support is at 1.30. Now if it breaks 1.30 level then EURO can go near about 1.25 range. Therefore its long-term pattern which says that EURO will be around 1.15 may become true.
I still think that EURO is moving in between a range, so it is hard for it to break that trend and macro events also support that.
[EURO is given against US dollar, unless specifically told.]
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