Euro Analysis (Daily Time Frame)
As mentioned last week, EUR approached the support area of 1.03327 after breaking the 1.04567 low and made a relatively strong rebound before reaching it.
- Main Scenario: Given the range-bound area with a previous bearish leg, there is a high probability of breaking below 1.03327. If this scenario occurs, the next target will be 1.02240.
- Alternative Scenario: If the above scenario does not occur, EUR needs to reclaim the 1.05346 high to reach the next area of 1.06300.
Euro Analysis (4-Hour Time Frame)
- Main Scenario: If EUR breaks below 1.03433, the 1.02240 area will be waiting for it.
- Alternative Scenario: If a strong rebound occurs and the 1.04931 high is broken, the 1.06300 high will be waiting for EUR.
Euro Analysis (15-Minute Time Frame)
- Main Scenario: Given the break and stabilization above the previous high area, it is expected that EUR can initially reclaim the 1.04538 and then 1.04931 areas.
- Alternative Scenario : If the Euro falls back below the previous resistance zone, it may experience a corrective move towards the 1.03725 level and subsequently 1.03433.
However, considering the approach of the last week of the calendar year, a range-bound market can also be expected.