EUR / USD – Drifting lower although trying to hang on to 1.29

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 last week however the Euro has since broken through. To finish last week, the Euro was valiant in its efforts to cling onto the 1.30 level, however it was sold heavily at any price above 1.30.

It continues to edge lower despite its efforts to cling onto the 1.30 level and then the 1.29 level. It appears to be stepping lower in 50 pip moves as in the last 48 hours it has broken through the 1.29 level and threatened 1.28. The 4 hourly chart below shows how much selling pressure the Euro is under as it continues to slowly but steadily drift lower, although in the last 8 hours or so, it has been able to rally higher and push back above 1.29. Over the last day or so, the Euro has been more confined to a range between 1.2850 and 1.2900, despite it recently breaking higher. (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

Sep 28 at 00:45 GMT

1.2910/11

H: 1.2928

L: 1.2828

S3	S2	S1	R1	R2	R3
1.2850	1.2800	1.2600	1.3000	1.3150	1.3300

EUR/USD Technical

During the early hours of the Asian trading session on Friday, the Euro has consolidated within a narrow range between 1.2910 and 1.2920, after having earlier broken through the 1.29 level.
Within the last 24 hours, the 1.29 level provided some resistance however in the last 8 hours or so, it has been able to break through there.
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: