EUR to remain under pressure...
- Yesterday EUR managed to pull back after hitting 3-month low against dollar and closed above the psychological level of 1.3000.
- However, as already mentioned in our report yesterday, the pair did find resistance around 1.3070 levels.
- As is visible in the chart, EUR formed a descending triangle pattern (bearish) and yesterday broke below the lower trend-line of the triangle at 1.3070, which is a bearish signal.
- This level of 1.3070 will now act as very important resistance for the pair.
- We expect that the pair may retest 1.2960-1.2940 in couple of trading sessions.
- Should the pair decisively break below 1.2940, we see prices correcting till 1.2660 in short term.
Key Technical Levels (CMP – 1.3036)
Support 1 – 1.3013 Resistance 1 – 1.3070
Support 2 – 1.2965 Resistance 2 – 1.3135
Support 3 – 1.2880 Resistance 3 – 1.3180
Haresh Menghani, Market Analyst
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