EUR/USD Technical View

EurUsd is trading close to the same levels it was when our previous commentary was written, but it has certainly moved a lot in the mean time; finding support at the 1.4700/1.4735 area on wednesday gave the pair an excellent reason to shoot back up above 1.4800 forming a hammer like candle on the daily charts closing the day a few points above the open, though the downside pressure was to big and the US dollar started to recover and we witnessed the pair falling back again towards the above mentioned support area. We are getting closer to the up sloping trendline marked on our chart which should offer additional support and can be a good base for yet another north recovery.

Resistance Levels

• 1.5000– round number
• 1.4966- Nov 23rd high
• 1.4735 –Nov 9th High

Support Levels

• 1.4500- round number
• 1.4300 – Sept 30th High
• 1.4000 – Round number
• 1.3850 – July 24th High

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EUR/USD Technical View

Euro put in a 7th consecutive green bar on the weekly charts, as seen below, but this week’s bar doesn’t paint the whole story. Monday was an uneventful day, the pair formed a doji and closed slightly lower than it opened, on Tuesday we saw the big move of the week more than 200 points and a break above the 1.4800 round number, after that EurUsd started to slow down and Wednesday and Thursday the price didn’t move that much with many traders taking a day of due to the holiday in the US. Friday was a spectacular day with price surging higher in the Asian session coming close to the 1.5000 psychological target but failing to reach it, looking at the weekly chart below we can see the pair achieved it’s projected Fibonacci Expansion target at 1.4940 area and with this in mind we expect to see some consolidation in the following days, perhaps even a retracement towards the 1.4700/1.4735 support area. Staying above 1.4800 will certainly maintain the pair in line with the bullish trend and a push towards Friday’s high at 1.4966 will get us closer to the 1.5000 man target.

Resistance Levels

• 1.5000– round number
• 1.4966- Nov 23rd high
• 1.4735 –Nov 9th High

Support Levels

• 1.4500- round number
• 1.4300 – Sept 30th High
• 1.4000 – Round number
• 1.3850 – July 24th High

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