EUR/USD Technical View

The week started with a gap on Sunday night but due to mostly profit taking and a few rumors we saw a sharp fall on Monday , a fall of more than 200 points on the Euro; the pair found support at an ascending trendline and after that, the rest of the week it pushed higher and on Friday we broke through the 1.4348 high and got just a few pips away from the 1.4400 round number. Looking at the daily and weekly charts the upside momentum is still strong and without any big surprises in the following week the pair should be on track for reaching the 1.4500 bullish target, we have to mention that we have some important fundamental news coming out that might have a strong effect on the direction. If a retracement is going to happen we need to observe price action around the 1.4300 round number, the closest support area, and lower down around the ascending trendline we mentioned, an already proven support 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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