EUR / USD – Trying to hold at 1.28

Over the last couple of weeks, the Euro has retraced from its highs near 1.32 and the 1.30 level emerged again as a level of significance. It was able to provide some support a couple of weeks ago however the Euro has since broken through. It also attempted to cling onto the 1.30 level, however it was sold heavily at any price above 1.30.

Over the last week, the Euro continued to face intense selling pressure which eventually wore it down as it stepped lower in largely 50 pip moves. It finished last week with a sharp fall which saw it drop 100 pips and settle well below the 1.29 level. (Daily chart / 4 hourly chart below)

daily chart

EURUSD Technical Analysis Candlestick 4 Hour Chart.

4 hourly chart

EUR/USD

Oct 1 at 00:45 GMT

1.2814/15

H: 1.2859

L: 1.2804

S3	S2	S1	R1	R2	R3
1.2800	1.2600	1.2400	1.2900	1.3000	1.3150

EUR/USD Technical

During the early hours of the Asian trading session on Monday, the Euro has dropped sharply within a short period of time moving from its close last week around 1.2850 down to almost touch 1.2800.
The last few days of last week saw the 1.2850 level offer reasonable support however this has been broken early this morning.
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 1.28 as it tries to hang on to this level.

Further levels in both directions: