The euro is pressurized by some uncertainty with respect to the official preparations for Greece leaving the Eurozone and the bailout received by Spanish banks. Thus we see that many investors are taking profits. There is not clear yet how will the euro behave, this will be known after June 18. On a technical level, we have noticed a formation of a bullish pattern that has implications. Long-term euro is expected to reach 1.27, or more up to 1.2880, a closing quote below 1.2430 would invalidate the bullish outlook, and would give beginning of a new sequence.
Therefore, we recommend buying above 1.2490, with the weekly pivot around, with objectives 1.28 to medium term.
The range indicator is showing moderate bullish signal.
If you need a personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com
