EUR / USD – Doing Well to Stay Within Reach of 1.30

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. To start this week, the Euro rallied well and for a brief moment moved back through 1.29 although again it has been sold down above that level and has returned to just under 1.29. (Daily chart / 4 hourly chart below)

daily chart

EURUSD Technical Analysis Candlestick 4 Hour Chart.

4 hourly chart

EUR/USD

Oct 2 at 00:15 GMT

1.2887/88

H: 1.2938

L: 1.2816

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 Tuesday, the Euro has consolidated right around 1.2890 after being pushed back from above 1.29.
Over the last week, the 1.29 level has become quite significant offering strong support last week and presently offering some resistance.
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 below 1.29 as it tries to hang on to this level.

Further levels in both directions: