EUR / USD – Technical Analysis

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.   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.  (Daily chart below)

EURUSD Technical Analysis Candlestick 4 Hour Chart.


Aug 29 at 02:45 GMT
1.2554/55 H: 1.2576 L: 1.2476
S3 S2 S1 R1 R2 R3
1.2500 1.2400 1.2300 1.2600 1.2700


EUR/USD Technical

  • 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.


August 29

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  • US 14:00 (GMT) Pending Home Sales (Jul)

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