The Euro managed to get past the 1.2900 resistance and rose towards the mid 1.29 where it is still facing heavy medium term resistance at 1.2940. A potential break of 1.2940 may bring the psychological level of 1.3 on our attention. Support is now formed by 1.2900 backed by 1.2875, 1.2845 and 1.2800. Resistance follows 1.2940 at 1.2980 and 1.3. Daily momentum is bullish while the hourly is mixed. We are expecting a potential retracement. Current quote is 1.2934 @ 07:00 GMT
Recommended trades:
Short in the 1.2950 area, stop above 1.2980, objectives at and below 1.2900.
