The euro is trading above the psychological level of 1.25; we have seen that the pair demonstrated a recovery these days. This upward movement is more likely based on the idea that the Fed will provide more monetary easing and the ECB will probably do something of this magnitude. But of course, we will be probably disappointed. Because of this, it is really difficult for the market to operate now.
We, therefore, recommend being very cautious when buying, as before the rise there will likely be a correction to the level of 1.24.
Therefore, we recommend selling if the price closes below the daily pivot of 1.2535 or if gives a pullback to the level of 1.26. Sell with targets at 1.2464 and 1.2390.
Our outlook remains bearish below the level of 1.27.
If you need a personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com
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