Forex - Weekly Technical Analysis (30.08–5.09)
EURO
The pair fluctuated near the previously breached pivot support levels at 1.2730, with attempts to stabilize above it. Note that, the last week’s closing level was exactly at these levels, accordingly, preserving our expectations of a downside wave during this week, supported by the rising wedge that limits the pair’s trading, thus we expect a downside move for this week that requires a clear breach of 1.2700.
The trading range for today is among the major support at 1.2400 and the major resistance at 1.2920.
The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
Support 1.2685 1.2645 1.2600 1.2570 1.2520
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Resistance 1.2770 1.2840 1.2900 1.2950 1.3000
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Recommendation Based on the charts and explanations above our opinion is selling the pair with four hour closing below 1.2730 targeting 1.2570 and stop loss above 1.2840 might be appropriate
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