The Euro finished last week very strongly surging up through the resistance level at 1.33 that had established itself over the last month or so. This has pushed the Euro up into territory not seen in nine months since it met resistance around 1.34 back in April 2012. This level may play a role in providing some selling pressure if the Euro continues to move higher this week. The recent resistance level at 1.33 may also offer some support should the Euro retrace a little this week.
Back in the middle of December, the Euro established a neat trading range trading between the significant level at 1.3150 and 1.33, after having broken through the resistance level around 1.3150. It eventually broke down through the support level at 1.3150 earlier this month moving sharply back to the round price level at 1.30. This level stood up and provided strong support for the Euro which resulted in the strong push higher to end last week.
(Daily chart / 4 hourly chart below)
daily chart
4 hourly chart
EUR/USD |
Jan 13 at 23:55 GMT |
| 1.3359 / 60 | H: 1.3369 | L: 1.3342 |
| S3 | S2 | S1 | R1 | R2 | R3 |
| 1.3300 | 1.3150 | 1.3000 | 1.3400 | 1.3500 | — |
EUR/USD Long – Short Ratio
(Shows the ratio of long vs. short positions held for the EUR/USD among all OANDA clients. The left percentage (blue) shows long positions; the right percentage (orange) shows short positions.)
EUR/USD Technical
- During the early hours of the Asian trading session on Monday, the Euro is just pushing up a little from 1.3350.
- The 1.33 level emerged as a key level over the last month and the Euro has done well to push so strongly through it.
- There are now several levels likely to offer support over the longer term should the Euro ease off from its present trading levels. Eg. 1.33, 1.3150 and 1.30.
- Current range: Just above 1.3350.
Further levels in both directions:
- Below: 1.3300, 1.3150 and 1.3000.
- Above: 1.3400 and 1.3500.
January 14
- AU 0:30 (GMT) ANZ Job Ads (Dec)
- AU 0:30 (GMT) Housing & Lending Finance (Nov)
- EU 10:00 (GMT) Industrial production (Nov)
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