The Euro has been in a narrow range of 1.2777 to 1.2856 for the past 25 hours.
Assuming we're in wave C as I explained yesterday morning, the potential price is between 1.2817 to 1.2935 (wave C = 1.618 * wave A). A price resistance exists between 1.2833 and 1.2922. The daily 20 SMA is at 1.2826; an uptrend line from June is at 1.2934. So there's reason to believe all of this will cap price action. If it doesn't, then additional resistance is at 1.3000 to 1.3122. The latter is the .382 retracement of the move down from last November. Finally, although I think a many would be stunned if price made it here, the next speed line and the .50 retracement level is around 1.35. I'd be shorting with both hands at that price. But more realistically, I'm still thinking about a possible short near 1.29.
Support is at 1.2777, 1.2663, 1.2626, and 1.2588.
Here's the daily chart:
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