31.8% retracement level (from May top) has acted as a good resistance for EURO, as such now it makes a bearish pattern which can take it towards 1.21level. Few weeks ago I was talking that there are lot of options for EURO in the downside. Looks like EURO is again making lower lows, after making lower top (if we consider that around 1.27 was its top). Euro is in oversold zone in spite of that it can go more in the downside.
If EURO reverses its moves in middle to later part of the coming week then it will get initial resistance at 1.24 level. During last few months EURO is getting resistance at 1.27 level and if we consider that it will drop little more (may be around 1.20 level) and then reverses its position then there is a chance of making a bullish pattern but still it is an early call, as things can change lot in coming days.
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
market price.] US
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