EURO is not going anywhere, it is still moving around 1.22-1.24 zone. But this time I am more positive about the up moves than last few weeks. I think that from coming week we may see that Euro is trying to break 1.24 in the upside. Euro is making a short-term pattern which says that it may go around 1.27 if Euro reacts fully on that pattern but this type of pattern has 50% chance of triggering.
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. But for any up move of that type, EURO needs to break 1.27 convincingly.
On the other hand if EURO breaks 1.22 range then it 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.
[EURO is given against US dollar and it is
market price.] US
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