My dear friends here especially Ken Meurs and others for your patience..,after an agreement between Greece & the EU has been reached, it is time to focus completely on the technical.
Earlier today, the Euro reached a daily high of 1.1389, which is exactly, and down to the pip, 71.4% micro term retracement level. Moreover, the falling trend line from February 16th high is currently running extremely close to this level. This is the first resistance we need to care about. A break above this level is expected to open the way towards significant gains. A break above 1.1389 would be a real game-changer, especially if this break gets support from the EU-Greece news. First target for this break is Friday’s high, ahead of 1.1466 & 1.1499. A break above this level will make it highly probable to see a new one-month high above 1.1534. In this case 1.1567 & 1.1596 make good targets, but the expected out of this rising move is to be able to eventually overcome all of these levels, and reach a 5-week high above 1.1679.
Support starts at a minor level at 1.1351, followed by more important levels at 1.1339 & 1.1318. But I believe as long as the price does not break below 1.1296, the Euro will be in a good position to achieve more gains. This is the most important support for the short term. In the event that 1.1296 is broken, 1.1279 will be expected to come under attack, and probably even 1.1264 & the very important 1.1222 for new leg lower as I mentioned in our telegram chats. This last level is key for the long term bullish outlook, because a break below it could put pressure on January’s 11-year low 1.1097. Having said that, we also have 1.1159 in between as a potential support. Happy trading guys.
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