The euro benefited by news of Spain's bond auction of Spanish treasure to 3 and 5 years was laid with much lower rates than expected by analysts. Due to it, this morning in the American session the euro rose breaking the 1.3160 level and is now trading below weekly resistance of 1.3241. It is likely to be a pullback to this level. Therefore, taking into account that we have the strong resistance at 1.3308 level, we will place our stop loss above this level. Our strategy is bearish because we expect that there is an correction for the next few days. The technical indicator is in bearish zone, therefore, sell only resistance levels.
If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com
