The pair is trading at a short-term trend decider level at 1.2760 (200MEma), the pair made a low at 1.2827 this month, as of now. The support zone is between 1.2760-1.2745 levels. If these levels are breached, it can extend its fall to 1.2660, 1.25, 1.2432, and 1.22. A monthly close below 1.2750 on the downside, 1.22 is an open target in the short term. On the other hand, if the US dollar manages to breach the 85 mark and holds above it, the Euro will continue to weaken further 300-500 pips down. For the weekly perspective, 1.30 (20Dsma) is acting as strong resistance. A daily close above 1.30 only, the weekly trend turns positive, until it, sell on every up move.
Support 1.2745 1.2660 1.25
Resistance 1.30 1.3160 1.3240
For an intraday view, the pair is trading at 1.2835, the hourly momentum oscillators are indicating some pullback, hope it can move up to 35DEMA (1.2870) and 12ema (1.2875). The US dollar is expected to be taken back from the higher levels because of the 85 resistance mark. Those who like to buy this pair can buy only above 1.2875 for an immediate target at 1.29 and 1.2920.
The material has been provided by InstaForex Company - www.instaforex.com
