As we mentioned yesterday, the euro managed to overcome the resistance level 1.2970 which kept it in range for several days. Yesterday it managed to hold above the psychological level of 1.30. Above this level, at 1.3004 is the fractal daily. This level increases the likelihood that the pair may continue its upward trend to 1.3150 in the medium term and to 1.35.
The Euro is powered by optimism that the Fed is willing to be flexible when it necessary. It ignores the fact that the amount of loans currently being made will continue devaluing the U.S. dollar.
Therefore, we recommend buying above 1.3004 (daily fractal). If a setback to the 1.2950 support level is observed, we recommend buying with objectives to the nearest resistance of 1.3150.
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