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The European currency is now trading below the level of $1.28 per euro. The price has fixated confidently behind the 1.30 level and is trading in the lower ranges. On January 6 a new point of the local price minimum – 1.2664 – was formed; now this point should be considered as the second support level. As to the current state of the market, the price is definitely trying to push off the 1.2800 level and is ready to fall down to 1.2715. The possibility of the decline is confirmed by the Stochastic oscillator in a 4-hour graph where the oscillator lines demonstrate overbought condition.
Levels:
Resistance 3 – 1.2945
Resistance 2 – 1.2870
Resistance 1 – 1.2800
Support 1 – 1.2715
Support 2 – 1.2664
