EUR: risk to the dowside

Last Friday the EUR broke the short term bullish tendline against the Dollar and the Swiss franc as well.

On the EURCHF a firm break below the 1.2820 level would confirm the bearish 1-2-3 reversal on the 4h chart with first target at 1.2727 then possible extension to retest the  1.2400 lows. On the daily chart the recent upside seems to be a correction with further room to the upside (in case the 4h reversal fails) without violating the 1d downtrend.

The 4h trendline break on the EURUSD chart was not retested yet, however on the downside the next significant level is the 38.2% fibonacci retracement of the Jna.10-27 upmove.

 

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