It has been more than a month since the Euro collapsed against the U.S. dollar around 1.11500 on 17th Jan and continued its downtrend. The Euro attempted to recover at 1.10155 but failed at 1.10860 and Bears took control after breaching 1.10155 support.
The Euro reached a critical trend-based timeline on Wednesday which saw prices stabilised and formed a support baseline around 1.07840 and 1.08060. There were lots of trading activities around the support baseline towards the end of last week's session, which indicates to me that financial institutions are closing short positions and preparing for long trades.
The Euro broke through 1.08060 in Friday's session ending the last trading session of the week at 1.08475 a gain of 0.56%. I am expecting the Euro to swing around the support baseline and the estimated breakout point to the upside at 1.08685 before making a run to the upside. Price targets are estimated at 1.08685, 1.09345, 1.09830, 1.10155, and 1.10620.
The Euro reached a critical trend-based timeline on Wednesday which saw prices stabilised and formed a support baseline around 1.07840 and 1.08060. There were lots of trading activities around the support baseline towards the end of last week's session, which indicates to me that financial institutions are closing short positions and preparing for long trades.
The Euro broke through 1.08060 in Friday's session ending the last trading session of the week at 1.08475 a gain of 0.56%. I am expecting the Euro to swing around the support baseline and the estimated breakout point to the upside at 1.08685 before making a run to the upside. Price targets are estimated at 1.08685, 1.09345, 1.09830, 1.10155, and 1.10620.
