On the daily chart, the EUR is in a consolidation phase. It looks like it is forming a triangle pattern. A breakout in either direction is imminent and it could happen soon ... probably within this week.
I am of the opinion that the EUR will break up, since the EUR has come down a long way from the high of 1.6035. Furthermore, prices are also near the uptrend trendline drawn from the bottom at 1.2329.
Would look for long entries as long as price does not fall below 1.2650. Alternatively, if price breaks above 1.2800, the EUR would shoot up. 1st target would be 1.3297. If EUR breaks 1.3297, then the next target would be 1.4450 regions.
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