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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)
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daily 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:
- Below: 1.2900, 1.2800, and 1.2600.
- Above: 1.2950, 1.3100, and 1.3150.
October 4
- AU 1:30 (GMT) Building approvals (Aug)
- AU 1:30 (GMT) Retail trade (Aug)
- CH 7:15 (GMT) Industrial Production (Q2)
- EU 11:45 (GMT) ECB – Interest Rate (Oct)
- CA 14:00 (GMT) Ivey PMI (Sep)
- US 14:00 (GMT) Factory Orders (Aug)
- US 18:00 (GMT) Minutes from prior (12-13 Sep) FOMC Meeting released
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.