EUR/USD Technical View

Euro continued its north trip, although yesterday’s price action formed an inside bar we have seen the pair take Wednesday’s high by a few pips to establish a new one at 1.4735. Once above the 1.4700 the bullish momentum has slowed down as many bullish traders took profits and the bears had new reasons to open new trades, the area just above 1.4700 represents a resistance zone and breaking higher might take some time. Looking at the daily chart below we can see that the pair is in overbought territory and a repositioning of the players is not out of the question, with that in mind if the pair slips below 1.4700 we should change focus towards the 1.4600 area which combined with an up sloping trendline should provide consistent support.

Resistance Levels

• 1.5000– round number
• 1.4728 –Nov 7th High
• 1.4500- round number

Support Levels

• 1.4300 – Sept 30th High
• 1.4000 – Round number
• 1.3930 – September 13th high
• 1.3850 – July 24th High

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EUR/USD Technical View

Euro continued to push higher Tuesday and in today’s Asian session, it printed a new record high at 1.4665 just before the open of the European markets. The pair’s bullish momentum just seems to increase as it goes higher, many traders are looking at 1.5000 as a long term target for longs. On the smaller timeframes we have to take into account that the pair has already covered 110 points today and that is above its daily average so we can expect a small retracement towards the 1.4600 level which is also close to the 0.50 Fib retracement of the 1.4550/1.4665 move. A retest of the 1.4600 could give the pair just enough breathing space to resume the up move but a failure to hold the price above will shift focus towards yesterday high at 1.4575 now a support level followed closely by the 1.4550 area.

Resistance Levels

• 1.5000– round number
• 1.4665 –Nov 7th High
• 1.4500- round number

Support Levels

• 1.4300 – Sept 30th High
• 1.4000 – Round number
• 1.3930 – September 13th high
• 1.3850 – July 24th High

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EUR/USD Technical View

The pair formed an outside bar yesterday but the daily range hasn’t been that big, just over 70 points. Although we have a new record high established early today, we can’t but repeat our previous commentary because the changes in the market situation are almost unnoticeable, traders are waiting for tomorrows FOMC meeting to see whether the US dollar will get a rate cut and how big it will be. With a new YTD high being established the bias is still bullish and the closest target is the 1.4500 round number, which at the moment doesn’t seem that far away. If the US dollar gets some positive news focus should be shifted towards the support areas, first one is the 1.4300 round number followed by the support offered by the ascending trendline we have on our chart below.

Resistance Levels

• 1.4467 YTD High
• 1.4300- round number

Support Levels

• 1.4000 – Round number
• 1.3930 – September 13th high
• 1.3850 – July 24th High
• 1.3680 – April 27th High
• 1.3550 – June 5th High

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EUR/USD Technical View

The pair pushed higher on Thursday reaching Monday night high and continued to move in today’s Asian session and is now trading above the previous highs, the current YTD high is at 1.4375. Breaking a new high should give the bulls the upper hand as the momentum is clearly on the long side, now that the pair is trading above the resistance level the only significant target left on the charts is the 1.4500 round number. Although the price still points north reaching the above mentioned target is not going to be a one way trip, so we need to be aware of the possibility of a retracement, if that happens the support is represented by the 1.4300 round number and the up sloping trend lines you see marked on our chart and lower down we have Monday’s low at 1.4120.

Resistance Levels

• 1.4350 YTD High
• 1.4200- round number

Support Levels

• 1.3930 – September 13th high
• 1.3850 – July 24th High
• 1.3680 – April 27th High
• 1.3550 – June 5th High

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