Dear Traders ,
The Euro is facing its latest trading day before Sunday’s election in Greece. The results of the election may indicate the market trend in the next coming days.
Today, we expect the EUR/USD to remain trading within a range between the 1.2604 level and the 1.2646 level, however if it breach up the 1.2646 level, this give us a signal that the prices should rise on the short term towards the Moving Average 200 at the 1.2698 level which corresponds also to the Fibonacci 38.2 %, this represents a great opportunity to enter a sell position on the short term trading because today is the last trading day of the week. We expect that the investors will collect gains on short covering waiting for the results of Greek elections this Sunday and this could push the prices to retreat.
As for the Key support level, it lays at $ 1.2550 and should it breach down this level, the next target would be towards the 1.2485 level.
Nice trading all