Yesterday the euro dropped again reaching 1.2138 amid Mario Draghi’s announcements supported by several European leaders. However, the ECB President did not meet investors’ expectations. His announcements were just empty declarations without any steps to be taken which proved again that nobody knows how to cope with the crisis.
On a technical level, the euro is trading below 1.2250 weekly pivot, offsetting yesterday’s losses. Only a close above 1.2250 will indicate the beginning of a new upward trend with the target of 1.2410 which is likely to be unchanged during the next week as well. We, therefore, recommend buying above 1.2250.
The indicators are showing an imminent upward bounce.
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