EUR / USD – Support at 1.28 Stands Firm as Pressure Mounts

The Euro has shown some relatively bearish signs since retracing from its highs near 1.32. The 1.30 level was able to provide some support a few weeks ago however the Euro then broke through. For the last couple of weeks the Euro has attempted to cling onto the 1.30 level and in the process found some reasonable support at both 1.28 and 1.29. It has been the 1.28 level that has emerged as the major level in the last month or so.

Since the beginning of last week, the Euro has rallied well and been able to push back off the support level at 1.28 and up towards 1.30, finishing last week trading above it. Earlier this week, this level has failed and the Euro has fallen strongly pushing back towards 1.28. Over the last couple of days the Euro has again found support at 1.28 pushing a little higher. The next most significant level is 1.28 and the Euro is poised to test this level again. (Daily chart / 4 hourly chart below)

daily chart

EURUSD Technical Analysis Candlestick 4 Hour Chart.

4 hourly chart

EUR/USD

Oct 11 at 23:40 GMT

1.2927/28

H: 1.2951

L: 1.2844

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

EUR/USD Technical

During the early hours of the Asian trading session on Friday, the Euro has consolidated a little slightly above 1.29.
The 1.28 level emerged as a key level too having shown solid support for the Euro at its last reversal.
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.

Further levels in both directions: