Market Update
Today’s technical picture is as follows: the euro has probably ended its corrective downleg (from the top of 1.4280) at friday’s 1.4030, and is now gathering momentum for its new upmove initially to 1.4315/30 in the next sessions… this scenario will need a confirmation with a daily close above 1.4230… the second scenario (which looks more accurate today) is that the euro’s fall to 1.4030 was the first corrective downleg, needs to correct it up to 1.4180/1.4225 then a new downleg will unfold ideally to 1.3930, possibly (not favoured) to as low as 1.3870… only at these levels, the euro will turn upwards again targetting 1.4315/35, most probably higher 1.4415/65 possibly 1.4505/45 afterwards… for the next 48 hours, we expect a slight fall to 1.4085/60 then a rise to 1.4185/1.4225 in the following hours, an area where we expect a new selling pressure to emerge and a new fall to develop to 1.4030 then 1.3935 maximum 1.3870… only a rally above 1.4235 (hourly close) anytime, will jeopardize the downmove… the long-term trend will remain bullish unless a daily close below 1.3765 is registered
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