The soft US data gave the pair enough strength to close above 20Dsma. The euro recovered from the support zone at 1.2600 levels. Traders eye this week's Federal Reserve monetary policy meeting. There are high expectations that the US central bank will end its QE program. On the down side the pair has a strong support zone between 1.2600 and 1.2584 levels. Today, in the Pacific session the pair is trying to hold at 20Dsma, 1.2694 levels. The longer-term picture still favors the downside target at 1.2220, 200Msma. On October 28-31, the support level exists at 1.2600 and resistances exist at 1.2740 and 1.2865, 50Dsma levels.
For an hourly view, the prices are closed above 12ema and 21hrsma levels. Currently the price is facing strong resistance at 34hrsma, above this, 1.2715 levels. On the down side, support exists at 1.2694, below this, 1.2689, 1.2675, 35DEMA and 21hrsma 1.2666 12hr low. We can see strong rise above 1.2845 levels. We recommend selling below 1.2660 for targets at 1.2630, 1.2614 and 1.2606.
Trade-
Selling below 1.2660
The material has been provided by InstaForex Company - www.instaforex.com
