Euro managed to break higher, breaking above the descendant trend line that capped the upside yesterday, and even above past Friday’s high of 1.2780; the level also represents the 38.2% retracement of the daily rally 1.1870/1.3330,  suggesting as long as above, the upside is exposed. Having reached the 200 EMA in the 4 hours chart, around 1.2810 and due to some overbought conditions in the hourly chart, some downside corrective movements could now be expected towards the 1.2760/80 zone. Pair should resume its bullish trend from that zone, with stops barely under 1.2735 next support, aiming to regain the 1.2800 level.

A technical confirmation above current high, should also signal further rises, thus better if a pullback occurs first, seeking for next resistance area, around 1.2850/60.

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