Although the close near the low of the week after failing to sustain a new high suggests Euro is in a weak position, the congested action over the last few days suggests that mvg avg support at 1.2725 will be respected initially.Euro should rise back to 1.2850 this week.This rise should be a corrective move and eventually the decline should resume for a challenge of 1.2640/70 and possibly of 1.2560.Only a strong rise through 1.2850 will raise the prospects of the rally resuming.Today, expect a rise to 1.2830 then a pullback to 1.2780 before testing 1.2850.
Sterling’s inability to hold below 1.8850 provides an opportunity for a quick rally through 1.8900, but the target is only 1.8950.The decline should then resume.
Dollar/Swiss should drop back to 1.2330 before continuing towards 1.2445.
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