The Euro has softened further on early European session, and after having broken below 1.3275, the Euro approaches levels close to Wednesday’s low at 1.3245.
According to Carol Harmer, technical analyst at Charmer Charts, failure to break double top formation yesterday, has left the Euro pointing downwards: “Buyers failed to make headway yesterday thus leaving the double top in place on the short term charts. This has left the market looking weaker with 1.3215 /1.3200 looking to entice. Here sellers would be looking to take profits and buyers will be interested as this is the short term 50% fib level.”
Furthermore, Harmer expects 1.3200 level to hold: “Expect then this support to hold. Buyers then need to take this back above 1.3360/74 to take off downward pressure and lead this higher to 1.3440 once more.”
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