EUR/USD Technical View

Euro formed an inside bar on Tuesday and until now, today’s price action has been contained inside yesterday’s as the pair covered only 40 points from low to high. The intermediary resistance at 1.4735 has so far proven to be a strong one and this is in line with our previous comments, that while we’re trading below 1.4750 we should look for possible short targets; moving under the 1.4700 round number should give us a more clearer bearish signal at least for short term. Conversely a push in the 1.4750-1.4800 area will get us closer to the trendline we have marked on our daily chart below and will force us to be more cautious about opening new shorts.

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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