Market Overview

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)

EURUSD Technical Analysis Daily Chart.

daily chart

EURUSD Technical Analysis Candlestick 4 Hour Chart.

4 hourly chart

EUR/USD

   Nov 27 at 20:40 GMT
1.2931 / 32    H: 1.2998    L: 1.2915

 

S3 S2 S1 R1 R2 R3
1.2800 1.2700 1.2600 1.3000 1.3150

 

EUR/USD Technical

  • 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.

 

November 28

  • AU 0:30 (GMT) Construction Work Done (Q3)
  • US 15:00 (GMT) New Home Sales (Oct)
  • US 19:00 (GMT) Beige Book released

Download the OANDA Forex Market Calendar

Get OANDA's exclusive weekly Market Pulse FX

Email Address: Preferred Format:

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

 

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Technicals Trading Ideas

 

Most Popular

Related Articles ()

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters