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As expected, within the last week the Euro has run into a brick wall at 1.34 which was a previous resistance level earlier last year. In doing so however, this pushed the Euro up into territory not seen in nine months. The Euro finished last week very strongly surging up through the resistance level at 1.33 that had established itself over the last month or so and this level has resurfaced in the last few days providing much needed support. During ths time, the Euro did track down through 1.33 a little however it was quickly bought up at prices above 1.3260. In the daily chart, the Euro formed a doji pattern representing indecision and this can often be a reversal signal. Within the last day, the Euro has surged higher off the back of the support at 1.33 and pushed back within reach of the other key level at 1.34.
Back in the middle of December, the Euro established a neat trading range trading between the significant level at 1.3150 and 1.33, after having broken through the resistance level around 1.3150. It eventually broke down through the support level at 1.3150 earlier this month moving sharply back to the round price level at 1.30. This level stood up and provided strong support for the Euro which resulted in the strong push higher to end last week.
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Both 1.33 and 1.34 remain current key levels and the latter is presently providing resistance again as it has done previously.
(Daily chart / 4 hourly chart below)
EUR/USD | Jan 17 at 22:30 GMT |
| 1.3378 / 80 | H: 1.3387 | L: 1.3273 |
| S3 | S2 | S1 | R1 | R2 | R3 |
| 1.3300 | 1.3150 | 1.3000 | 1.3400 | 1.3500 | — |
EUR/USD Long – Short Ratio
(Shows the ratio of long vs. short positions held for the EUR/USD among all OANDA clients. The left percentage (blue) shows long positions; the right percentage (orange) shows short positions.)
EUR/USD Technical
- During the early hours of the Asian trading session on Friday, the Euro is consolidating around 1.3380 after a strong bounce off 1.33.
- The 1.33 level emerged as a key level over the last month and in the last few days, the Euro has been receiving strong support around that level.
- There are now several levels likely to offer support over the longer term should the Euro ease off from its present trading levels. Eg. 1.3150, 1.30, and 1.28.
- Current range: Right around 1.3380.
Further levels in both directions:
- Below: 1.3300, 1.3150 and 1.3000.
- Above: 1.3400 and 1.3500.
January 18
- AU 0:30 (GMT) Export & Import price index (Q4)
- JP 4:30 (GMT) Capacity Utilisation (Nov)
- JP 4:30 (GMT) Industrial Production (Final) (Nov)
- UK 9:30 (GMT) Retail Sales (Dec)
- CA 13:30 (GMT) Manufacturing sales (Nov)
- US 14:55 (GMT) Univ of Mich Sent. (Prelim.) (Jan)
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.
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.