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EURO forecast for coming week.

EURO is getting good resistance in 1.27 level which is 31.8% retracement level (from May top) so considering that EURO has the option to go more in the upside in coming future. During this month Euro is making higher tops and coming days may confirm us whether it is also making higher bottoms. If it confirms us about higher bottoms then we may see more up moves from EURO but for that it has to first maintain its previous low which is at 1.243 level. Here I must say that unless it is breaking 1.27–1.28 range it is very difficult to predict big moves for future.

On the other hand if EURO breaks 1.243 then it has more chance to drop. Last week I was talking about a chance of making short-term double tops but later it did not develop in that way. Though still there are options open in the downside and if those options are tested then EURO may go below 1.22.
Long-term pattern demands EURO to go below 1.187 but if it does not drop below that level then good days are waiting for EURO in future.

[EURO is given against US dollar and it is US market price.]

NOTEPlease see the disclaimer of this blog.


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