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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