What a last couple of weeks the Euro has had.Â Not so long ago we were waiting for it to move through 1.26 as it met stiff resistance there.Â A move back towards 1.30 seemed likely however it was also reasonable to expect some more stiff resistance to emerge at that level considering it provided significant support for the Euro way back in February to April.Â This didn’t seem to occur as the Euro cruised up to 1.30, stopped for several hours and then continued right on.
Despite the Euro breaking through this key level, it remains significant and relevant as the Euro is likely to receive support at this level should it retrace a little.Â Â (Daily chart / 4 hourly chart below)
4 hourly chart
|Â Â Sep 17 at 02:30 GMT|
|1.3122/23||Â Â H: 1.3133||Â Â L: 1.3104|
- During the early hours of the Asian trading session on Monday, it appears as if the Euro/dollar is taking a breather after its rapid movement in the last couple of weeks and to finish last week, by trading within a narrow range.
- For a few days a week ago, the 1.28 level provided reasonable resistance however this has now clearly been broken as has the more likely 1.30 level.
- There are now severel levels likely to offer support over the longer term having recently moved through several strong resistance levels.Â Eg. 1.24, 1.26 and 1.28.
- Current range: Consolidating above 1.3100.
Further levels in both directions:
- Below: 1.3000, 1.2800, and 1.2600.
- Above: 1.3150, and 1.3300.
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