Yesterday the euro exceeded the level of 1.2345, but failed to close above this level, as earlier it was both support and resistance. At this moment the single currency trades below the weekly pivot and is likely to rebound to 1.2324 before continuing its downward trend to the level of 1.2210. Therefore, we recommend buying at the support level of 1.2206 or a close at 4-hour chart above 1.2324, both with objectives to the 1.2408 resistance.
The low volatility in the market now forces to take a short position while the euro is a losing proposition because the interest rate differential is against you.
The reality is that the situation within the European Union has not changed much, regardless of what politicians try to say, since they are practically breaking their arms patting themselves on the back.
The medium term outlook remains bearish, we therefore, expect resistance levels to sell the pair back.

If you need a personal consultation, contact me via e-mail: [email protected]

If you like my Technical analysis, please vote for me, but first you must register at the portal MT5 for a vote to be valid. Thanks.