Having recently broken through the medium term resistance level at 1.24 and in doing so completing the ascending triangle it had been forming for the last month, the EUR/USD has done well to maintain its price comfortably above the key 1.24 level.Â Â This level is now likely to become a support level as it was back in June, although over the short term, the 1.25 level appears to be holding it up well.Â (Daily chart below)
|Aug 29 at 02:45 GMT|
|1.2554/55||H: 1.2576||L: 1.2476|
- During the early hours of the Asian trading session on Wednesday, the Euro/dollar has just eased off a little from its earlier highs towards 1.2580.
- Short term, the 1.25 level is likely to offer some support and the 1.24 is likely to offer support over the medium term having previously been a strong resistance level for several weeks.
- Current range: Maintaining above 1.2400. Will the Euro trade between 1.24 and 1.27 for the foreseeable future?
Further levels in both directions:
- Below: 1.2400, 1.2300, and 1.2150.
- Above: 1.2600 and 1.2700.
- Should the Euro/dollar be able to maintain its price above the present significant level at 1.2400, then a return back to prices approaching 1.2000 will be less likely.
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