Euros could not trade higher than 1.2565 and the failure to break 1.2575/90 has put the market under pressure...Daily charts look weaker, and there is a case now for a move lower to 1.2470/60 which is both the weekly and daily trendline. This area is crucial, especially today, as a break below here would have serious bearish implications and we would see a weaker Euro going into next week and possibly then through the Autumn.
However, initially we do have this 1.2470/60 support to negotiate. If broken we are back with sellers in control and 1.2350/35 will be our first objective. On dips initially cover shorts. We know the rest...1.2310 to 1.2290 offers support so we could get buyers in at these lower for a short while to correct oversold conditions on the more shorter term charts..
Now if today we hold 1.2470/60 there is scope for yet another move higher...This support will be the key....especially today...If we cannot break, expect rallies and above 1.2535 would confirm, leaving the 1.2570/90 resistance band once more exposed.
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