EURO’s move in the last day was good but I need solid proves on this. It is better to wait for couple of days. If EURO stays above 1.23 in early days of the coming week then we can expect good days but for any big run it needs to break 1.27 convincingly. Few weeks ago I was talking about a medium term pattern which EURO is forming and if that triggers then EURO has a chance to test around 1.34 level but that is not a short-term play so it will take time for that.
EURO may again re-test lower levels but if it stays above around 1.20 then we can expect a solid reversal, may be around 1.27 range. On the other hand if it breaks 1.20 then its ultimate test will be 1.187. Long-term pattern demands EURO to go around 1.15 level. But if EURO somehow manages to maintain that 1.187 level then we may expect better days for it in long-term.
In brief EURO needs to come out from around 1.22 to 1.24 zone to show any directional move. Things will be complicated if EURO trades in between this zone in coming week.
[EURO is given against US dollar and it is
market price.] US
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