EUR/USD Technical View

Euro slowly moved higher on Tuesday but it lacked the energy to get close to the 1.4300 round number and as a consequence of that it has started the day losing a few points and retesting the 1.4200 level. The situation hasn’t changed that much, the overall trend is still bullish this seems just like a cooling down period especially after Monday’s moves. Looking for important price levels, on the north side we aim for the YTD high at 1.4350 before possibly making a strong push towards the 1.4500 round number, both of these levels act as a target and as resistance levels to be aware of; conversely on the south side support is represented by the up sloping trendlines we have on our chart and Monday’s low at 1.4120 followed by the 1.4000 level.

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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EUR/USD Technical View

The pair formed a down bar on Tuesday but at this moment we are trading at the same levels we were yesterday morning, the situation hasn’t changed at all. A failure to break new highs will most likely bring the pair into a consolidation period, but as far as we are trading above the 1.4000 support level the bias is still bullish. In the following days we could see more weakness in the US dollar that will push the EurUsd quote higher, at first above 1.4240 area than closer to the 1.4300 round number which is the current YTD high. At this point the market have slowed down a bit and most traders seem to be waiting for something to happen later on this week and for the rest of the month, something that will help decide the trend direction more clearly.

Resistance Levels

• 1.4300 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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EUR/USD Technical View

Euro didn’t move that much this past week, it dashed lower on Monday and early Tuesday morning, but found support just above the 1.4000 round number where we can see also an up sloping trendline from 2006, from there it bounce higher on Tuesday, Wednesday and Thursday but ended up the week below the 1.4200 resistance level. As one can see in the chart below the uptrend looks like its found a good base for it to resume and until we get under the 1.4000 support area the bias remains bullish; first target is 1.4250, Thursday’s high, before the YTD high at 1.4300, above that many bullish traders out there look at 1.4500 level as the main target for their longs. If the pair doesn’t manage to break a new high chances are we’ll enter into a consolidation period, but while above 1.4000 there is no apparent reason to open new shorts, at least not based on the daily charts.

Resistance Levels

• 1.4300 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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