Heading h1

On Monday the Euro sold off once again, approaching the 1.2300 level. A breach of that level would nullify any bullishness on the short term. The short-term upward trendline has already been broken. Intermediate and long term trends remain down.

A drop below 1.2300 has support at 1.2230 and 1.2150. A drop below the latter level indicates another leg in the downtrend.

Strong resistance is not present till just above 1.2400 followed by 1.2470 and 1.2525. A rise beyond that could test 1.2600.

A drop below 1.2320 is an early sign that there may be further deterioration. 1.2300 is still the level to watch.

Thanks,

SmartCoding