The euro could not exceed the level of 1.2650. It demonstrated a reverse just at the resistance level showing weakness this week. Fundamental data expected did not sound good for the Eurozone, so it is likely that we see again a downward sequence to 1.24. But before that the euro must meet the level of 1.25 which is a psychological support for the currency. A weekly close below this level will indicate the beginning of a new sequence.
We, therefore, recommend selling the pullback at1.2640 with targets at 1.2515 and 1.2480.
