Just as has been mentioned a few times, the Euro has finally made its way to 1.30, seemingly unabated for the last week. It met reasonable resistance around 1.26 and to a lesser extend at 1.28 however it has since pushed through there moving strongly up towards 1.30. For the last several hours, it has met very stiff resistance at 1.30 as a rush of supply has entered the market and very willingly sold at these present levels. The 1.30 level is significant as it is a round number and an obvious level for decisions to be made, as well as the level which provided significant support for the Euro way back in February to April.
We saw the Euro finish last week very strongly as it not only moved away strongly from 1.26 but also smashed through any potential resistance at 1.27 too. (Daily chart / 4 hourly chart below)
daily chart
4 hourly chart
EUR/USD |
  Sep 14 at 03:00 GMT |
| 1.3008/09 | Â Â H: 1.3016 | L: 1.2857 |
| S3 | S2 | S1 | R1 | R2 | R3 |
| 1.2800 | 1.2600 | 1.2500 | 1.3300 | — | — |
EUR/USD Technical
- During the early hours of the Asian trading session on Friday, the Euro/dollar has reached the 1.30 level as has come to a halt trading within a narrow 20 pip range.
- For a few days, the 1.28 level provided reasonable resistance however this has now clearly been broken as the Euro trades around the significant level of 1.30.
- The 1.24 is likely to offer support over the longer term having previously been a strong resistance level for several weeks, however the 1.26 and 1.28 levels may also now offer support in the short term.
- Current range: Consolidating around 1.3000.
Further levels in both directions:
- Below: 1.2800, 1.2600, and 1.2500.
- Above: 1.330.
September 14
- JP 4:30 (GMT) Industrial Production (Final) (Jul)
- EU 9:00 (GMT) Employment (Q2)
- IT 9:00 (GMT) Current Account(Jun)
- CA 12:30 (GMT) Manufacturing sales (Jul)
- US 12:30 (GMT) CPI (Aug)
- US 12:30 (GMT) Retail Sales (Aug)
