Last week I was expecting that if EURO does not break 1.27 level in the early days of this week then it has more chance to drop below 1.25.
Technical indicators are showing over-sold zone for EURO but still it has the option to go more. At past 1.22 has acted as a good support for EURO and in year 2010 it went as low as 1.187. I don’t know whether it is the right time to say it now but few time I mentioned it in past that if EURO does not break 1.187 then good days are waiting for it in future, later I will talk about it. On the other hand if EURO breaks this range then it has a chance to react on its long-term pattern which can take it close to 1.15.
EURO is not showing any definite chance of reversal from here but last few days moves showed that it may be trying to make a base at this level. So in the initial days of the coming week, EURO may try to continue its last day’s move. It dropped through out the May so we have to wait whether new month shows something different for EURO. It has resistance at 1.27–1.28 level and unless it crosses that I am doubtful about its move.
[EURO is given against US dollar and it is
market price.] US
NOTE: Please see the disclaimer of this blog.