EUR / USD – The Resistance Level at 1.30 Stands Tall
The last few weeks has seen the Euro enjoy a little resurgence pushing from lows below 1.27 back up towards 1.30. However, the round number of 1.30 has temporarily halted the Euro's advance as it ran into a wall of supply there which has finally resulted in the Euro easing off in the last 12 hours or so. Prior to this recent move higher, the Euro was entrenched in a solid medium term down trend starting back when it met resistance around the 1.3150 level. This move lasted about a month and was able to push the Euro down through the key support level at 1.28 which was significant.
Towards the end of October, the Euro also found some support at 1.29 and this level resurfaced late last week providing a measure of resistance before being overwhelmed with demand on its was towards its recent significant level at 1.30. The Euro is presently in between two key levels at 1.28 and 1.30. (Daily chart / 4 hourly chart below)
4 hourly chart
|Nov 27 at 20:40 GMT|
|1.2931 / 32||H: 1.2998||L: 1.2915|
- During the early hours of the Asian trading session on Wednesday, the Euro is consolidating a little after easing off from 1.30 during the last 12 hours.
- The 1.30 level emerged as a key level last month having shown solid resistance for the Euro and this level has emerged again as a key level placing selling pressure on the Euro in the last 3 days.
- There are now several levels likely to offer support over the longer term should the Euro ease off from its present trading levels. Eg. 1.28, 1.27, and 1.26.
- Current range: Around 1.2930.
Further levels in both directions:
- Below: 1.2800, 1.2700 and 1.2600.
- Above: 1.3000 and 1.3150.
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