The EUR/USD pair managed to recover from the downward pressure again, because Spain contrived to sell more debts than the market expected, affirming the idea that the European Union by the means of the European Central Bank should take a series of measures to ease the crisis engulfing the country and some of its regions.
As a result the euro quickly surpassed the 1.2480 and 1.25. Currently, it is close to monthly maximum, according to the indicators we note that the pair is close to the overbought level and approaches strong resistance at 1.2630. On the other hand, the euro is at the top of the uptrend channel, which suggests a negotiation range or a bearish reversal.
Adding all these details, we recommend selling at 1.2580, or strong resistance level and fractal level very close to 1.2620, with objectives to 1.2475 and further down to 1.2345.
Our long-term perspective is to remain bearish below 1.2700.
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