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At the start of today's European session, EUR / USD is traded near the 1.2100 mark, close to the important short-term support levels 1.2101 (EMA200 on the 1-hour chart and EMA50 on the daily chart), 1.2109 (EMA200 on the 4-hour chart).
Above these levels, preference should be given to long positions. The breakdown of the resistance level 1.2180 (Fibonacci level 50% of the upward correction in the wave of the pair's decline from the level of 1.3870, which began in May 2014) will indicate the resumption of the bullish trend in EUR / USD.
An alternative scenario will be associated with the weakening of the euro and the fall of the EUR / USD pair. A signal for selling will be a breakdown of the local support level 1.2070. If the downward dynamics develops, EUR / USD may decline to long-term support levels 1.1930 (ЕМА144 on the daily chart), 1.1820 (ЕМА200 on the daily chart), 1.1780 (Fibonacci level 38.2%).
A breakdown of the support level 1.1285 (Fibonacci level 23.6%) will finally return EUR / USD to a long-term downtrend.
Support levels: 1.2070, 1.2010, 1.1960, 1.1930, 1.1820, 1.1780, 1.1600, 1.1520, 1.1285
Resistance levels: 1.2100, 1.2109, 1.2180, 1.2220, 1.2270, 1.2340, 1.2555, 1.2580, 1.2600
Trading Recommendations
Sell Stop 1.2060. Stop-Loss 1.2120. Take-Profit 1.2010, 1.1960, 1.1930, 1.1820, 1.1780, 1.1600, 1.1520, 1.1285
Buy Stop 1.2120. Stop-Loss 1.2060. Take-Profit 1.2180, 1.2200, 1.2220, 1.2270, 1.2340, 1.2555, 1.2580, 1.2600
