Yesterday the euro raised its head after the downward pressure, rejecting the level of 1.2750. Now it is trading above the 1.2820 level. If you noticed the pair is trading below the 200 day moving average, which adds the pair a bearish outlook in the medium term. Therefore, do not buy at the current levels unless the pair trades back above the 200 day moving average periods. On the other hand if the pair rejects this level, we can sell below 1.2875 with objectives to the level of 1.2750 and below to the level of 1.2640. On the other hand, if the pair closes above 1.2880, we can buy with objectives to the psychological level of 1.30 and to closing the gap at 1.3174. The Momentum Indicator is in positive territory, showing a recovery in the euro for the next few days.
If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com
