Weekly Analysis:
Daily Chart:
Looking at the weekly we can see that there is enough scope to move up.
The daily chart of euro shows that the cross between ema21 and ema55 is not yet mature.Which gives us scope for another push up to touch the previous highs.The obvious target is 1.2880 but may go up slightly more.
3H Chart:
The 3H chart is almost equivalent of 4H chart of Metatrader.
looking at the chart we see that strong repulsion of wma5 by ema100 and ema21 by ema55 has caused the bias up.There is obvious chance of touching 1.2880 including test of 2900 handle but no more scope for a while.
Conculsion:
The strategy is to go long with tight stops as we are at critical juncture specially when price crosses 1.2850.Any time we can see reversal down.
kolachi