EUR/USD reversed from support zone Next buy target - 1…
EUR/USD close to reach the 1.2476 milestone
The pair is following a bullish structure since March 1st lows and it’s on the way to duplicate a cycle towards the 100% Fibonacci extension at 1.2476. Around that area, we’re expecting a pullback to take place to test the support zone of 1.2354. Such level could be pierced in order to allow more declines to touch the 200 SMA at H1 chart. To the upside, if EUR/USD manages to break above 1.2476, it can go towards the 1.2525 level.
RSI indicator remains slightly in the negative territory.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.