The last few days has seen the Euro meet significant selling pressure near the resistance level around 1.3160 and just ease off slightly. In a positive sign, the Euro hasn't collapsed and completely given up on pushing higher however it has recently moved back through the 1.31 level. The Euro has shown some relatively bearish signs over the last month since retracing from its highs near 1.32, and it has been the 1.28 level that has emerged as the major level in the last month or so.
In the last week and a half, the Euro has rallied well and has been able to push back off the support level at 1.28 and up towards 1.30 and then some. The 1.28 level still remains a significant level and the Euro is likely to test this level again should it continue to ease off from the resistance level above 1.3150. (Daily chart / 4 hourly chart below)
daily chart
4 hourly chart
EUR/USD |
Oct 19 at 03:05 GMT |
1.3069/70 | H: 1.3128 | L: 1.3055 |
S3 | S2 | S1 | R1 | R2 | R3 |
1.3000 | 1.2800 | 1.2600 | 1.3150 | — | — |
EUR/USD Technical
- During the early hours of the Asian trading session on Friday, the Euro has consolidated within a narrow trading range between 1.3060 and 1.3080 after having broken through the 1.31 level.
- The 1.28 level emerged as a key level too having shown solid support for the Euro at its last reversal and is poised to do so again should the Euro reverse and drift lower 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, 1.28 and 1.30.
- Current range: Just below 1.3100.
Further levels in both directions:
- Below: 1.3000, 1.2800 and 1.2600.
- Above: 1.3150.
October 19
- JP 4:30 (GMT) All Industry activity index (Aug)
- JP 5:00 (GMT) Leading indicator (Final) (Aug)
- EU 8:00 (GMT) Current Account (Aug)
- UK 8:30 (GMT) Public Borrowing (PSNB ex interventions) (Sep)
- CA 12:30 (GMT) CPI (Sep)
- US 14:00 (GMT) Existing home sales (Sep)
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