Technical Analysis for EURO

Prices have declined again and is currently flirting with Fibonacci 23.6% of the entire upside wave from 1.2040 to 1.3710 as seen on the provided daily chart. Risk versus reward ratio becomes high for bulls, as the pivotal technical resistance is near, while RSI continues to show signs of weakness close to overbought regions. In the interim, MACD attempts to confirm a slant negative divergence and thus, staying aside could be the best technical choice until we get clearer signs to affirm the next big move.

The trading range for this week is among the key support at 1.3080 and key resistance at 1.3550.

The general trend over short term basis is sideways as as trading is between 1.2775 and 1.3600 with daily-closing.

Support: 1.3290, 1.3245, 1.3200, 1.3160, 1.3080
Resistance: 1.3345, 1.3385, 1.3415, 1.3500, 1.3550

Recommendation Based on our explanations above, we believe that staying aside could be appropriate this week since risk versus reward ratio is too high.

IMOH, Clement I.
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