EUR / USD – Receiving strong resistance at 1.29 and moving towards 1.28 again

The Euro has shown some relatively bearish signs since retracing from its highs near 1.32. The 1.30 level was able to provide some support a few weeks ago however the Euro then broke through. For the last couple of weeks the Euro has attempted to cling onto the 1.30 level and in the process found some reasonable support at both 1.28 and 1.29.

Since the beginning of last week, the Euro has rallied well and been able to push back up towards 1.30 and finish last week trading above it. In the last few days, this level has failed and the Euro has fallen strongly pushing back towards 1.28. Over the last 1/2 day, the 1.29 level has provided stiff resistance and placed pressure downwards. The next most significant level appears to be 1.28 and the Euro is poised to test this potential support level again. (Daily chart / 4 hourly chart below)

daily chart

EURUSD Technical Analysis Candlestick 4 Hour Chart.

4 hourly chart

EUR/USD

Oct 10 at 23:00 GMT

1.2850/51

H: 1.2913

L: 1.2845

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

EUR/USD Technical

During the early hours of the Asian trading session on Thursday, the Euro has fallen away from the stiff resistance level at 1.29 moving down towards 1.2850.
The 1.28 level emerged as a key level too having shown solid support for the Euro at its last reversal.
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: Right around 1.2850 having been recently rejected at the 1.29 level.

Further levels in both directions: