The Euro finished last week with a flurry as it surged higher and burst through the 1.26 resistance level, however its time above there was short lived.Â The Euro ran into a wall of supply late last week and it was quickly sold back and pushed below the 1.26 level.Â This level has reinforced itself as one of significance and one that continues to loom large.Â It continues to trade within a narrow range between 1.25 and 1.26 with the medium term key levels at 1.24 and 1.27.Â (Daily chart / 4 hourly chart below)
4 hourly chart
|Sep 3 at 01:15 GMT|
|1.2571/72||Â Â H: 1.2587||Â Â L: 1.2558|
- During the early hours of the Asian trading session on Monday, the Euro/dollar has done little except trade within a narrow range of approximately 20 pips (1.2560 – 1.2580).
- Short term, the 1.25 level has demonstrated it is a solid support level 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 and in the short term, sitting above 1.25 and below 1.26.
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 and in the short term above 1.25, then a return back to prices approaching 1.2000 will be less likely.
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