EUR / USD – Consolidating Well Just Above the Key 1.29 Support Level

For the last few weeks, the Euro has retraced from its highs near 1.32. The 1.30 level was able to provide some support a couple of weeks ago however the Euro has since broken through. Since that time, it has attempted to cling onto the 1.30 level, however a couple of weeks ago it was sold heavily at any price above 1.30.

It finished last week with a sharp fall which saw it drop 100 pips and settle well below the 1.29 level. To start this week, the Euro has rallied well and for the most part of the last 48 hours, it has been able to sit above the key 1.29 level. Above that, the 1.30 level still looms like a dark cloud as a potential significant resistance level (Daily chart / 4 hourly chart below)

daily chart

EURUSD Technical Analysis Candlestick 4 Hour Chart.

4 hourly chart

EUR/USD

Oct 4 at 00:15 GMT

1.2917/18

H: 1.2937

L: 1.28779

S3	S2	S1	R1	R2	R3
1.2900	1.2800	1.2600	1.2950	1.3000	1.3150

EUR/USD Technical

During the early hours of the Asian trading session on Thursday, the Euro has continued to consolidated just above the key 1.29 level.
Over the last week, the 1.29 level has become quite significant offering strong support last week, recently some resistance and now support again.
There are now severel levels likely to offer support over the longer term having recently moved through several strong resistance levels. Eg. 1.24, 1.26 and 1.28.
Current range: Just above 1.29 as it tries to hang on to this level.

Further levels in both directions: