How does the euro get back on track?

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The euro has recently recognized support located at $1.08 and therefore fueled the latest rally, keeping alive the chances of seeing further progress toward even higher areas.
With a move above the $1.12-1.125 level it will involve the break of the 61.8% point of the last selloff  enabling a continuity of the recovery.  Looking back,  previous highs have been located around at $1.14-1.15, which is important short- and medium-term resistance.
If there are bearish attempts, we may see the euro find support at $1.10 or even the $1.085-1.080 area, and from there increases may go up to even higher levels.
Only with the break below $1.080 will these increases remain neglected and serve as a warning for continuity in a bear move back to $1.070-1.065, and even the previous lows of $ 1.05-1.045 and key short- and medium-term support levels.  Then, from there the uptrend should finally be resumed as projected.


About the Author

Julian Yosovitch is a trader, and columnist for Ambito Fiinanciero (Argentina), Gestion (Peru), Saladeinversion.com, Inversion and Finanzas (Spain).
He holds a Bachelor of Business Administration and a Professor Master in Finance (UDESA). He is also a Capital Markets Specialist (UBA-IAMC) and Financial Markets Analyst - Ruarte´s Reports Trader. Follow his blogs here, and folow him on Twitter @julianyosovitch.
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