EURO TECHNICAL VIEW
Yesterday’s price-action on the euro was rather uncertain, lacking momentum to the upside, as it could not rise above 1.4577, and this latter represents a major resistance, because it stands at the 61.9 pct fibonacci retracement level of the last downleg in the euro’s fall to 1.4438 last week… however, we do keep our euro-bullish sentiment valid and we still expect the euro to gain momentum and try to test higher levels of 1.4635 in the next 48 hours, on its way to 1.4665/95 in the following sessions… but do keep in mind that the expectations for the coming weeks are for a wide range-trading (1.4960/1.4360) due to the prevailing uncertainty in the currency markets… technically, we consider the rally from 1.4438 as a correction of the last 10-days’ fall from 1.4952 to 1.4438; and this correction may last several days with an ideal objective set at the 1.4695/1.4750 zone… so, we expect the euro’s rally to continue unless an intraday fall below 1.4500 occurs, which may delay the upmove, and possibly jeopardize it (if an hourly close below 1.4438 is registered)… a break below 1.4438 will call for a retest of 1.4365/05, with a potential for a slide to 1.4255/1.4205 later on… the long-term trend will remain euro-bullish unless a daily close below 1.4365 is seen.. take care and have a nice and a profitable day