EUR/USD Technical View

EurUsd formed an inside bar on the weekly charts, as seen below, we witnessed a sharp move down on Monday and after that the pair bounced back and although it tried to test the 1.4735 YTD high it lacked the energy to stay above 1.4700 and gave us some weakness signs on Thursday and early Friday, only managing a small gain in Friday’s US session and closed the week around the 1.4650 level. The bullish momentum has clearly slowed down and we have even seen some signs of an US dollar strength, while trading above 1.4500 and that up sloping trendline we have on our charts the bias is still bullish but a failure to trade higher and form or even contest the current YTD high will put additional pressure on the pair and we could see a stronger retracement. On the south side the closest support is represented by the 1.4600 level followed lower by the 1.4500/1.4515 area, if the pair gets below that we can say that the pair has entered into a retracement move.

Resistance Levels

• 1.5000– round number
• 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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