This morning during the U.S. session the euro was trading at 1.2938, above the 200 day moving average and within the short-term bearish channel. Yesterday the euro touched the base of this channel and found strong support that there is bouncing to upward. As we have mentioned, we still remain in our bullish outlook for this pair. As the pair failed to close below the 200 EMA and the bearish channel has remained intact, so in the medium term we expect the euro will trade at 1.35 level. It has to overcome the very strong resistance of 1.3230. However at this moment, you can buy the euro at the current price with the first target to 1.30 and if the pair closes above 1.3006, we can re-buy with objectives to 1.3250 which is resistance.

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