The euro fell again due to continued weakness in the eurozone.
As we mentioned earlier in our articles, 1.3050 is a strong resistance, because the euro failed to hold above this level. The main uptrend line kept the euro upward force from the beginning of September and was aligned with the level of 1.29 (key level).
You can see on the chart that the break of the trendline is likely to continue falling to 1.2850 weekly support or there may be a pullback to the trendline that was broken. Taking it into account, we are taking bearish positions on this pair, I may consider buying above 1.3050 below this level, the peaks look to sell this pair.
The situation in Europe has not improved at all. It just came out of the headlines. Currently the world is paying attention to the U.S. and it will be at least until the end of elections.
Therefore, we recommend selling the pair at resistance levels or levels that we have indicated on the graph with objectives in the medium term up to 1.2550.
If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com
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