Support & Resistance Levels for EUR/USD

EUR/USD has been trading in a range over the last two days, unlike commodity currencies and USD/JPY which are tumbling. I was thinking about opening a forex signal yesterday, but the range wasn’t in place yet and the levels were a bit vague. Today the range seems in place and the support and resistance levels are more visible. Let’s have a look at these levels before going in, so we know where to look for trading opportunities.  

EUR/USD  

Resistance                                                                                          

1 – 1.1820-30 (Mild – Buffer zone for 1.18)                     

2 – 1.850-60 (Medium – Previous resistance)                    

3 – 1.1870-80 (Strong – The high last week)                   

4 – 1.19 (Strong – Big round number)

Support

1 – 1.1780-85 (Medium – Previous resistance and buffer zone for 1.18)

2 – 1.1750 (Strong – Yesterday’s low and 100 SMA)

3 – 1.1725-30 (Mild – 20 SMA on the H1 chart)

4 – 1.17 (Strong – Big round number)

5 – 1.1650-60 (Strong – Support in the last three months)

We can see the levels better today.

I was thinking of opening a buy signal just now, since the H1 chart is oversold and the previous candlestick closed as a pin on the hourly forex chart. But, the picture on the H4 chart is a bit more mixed up. So, I will follow the price action to see if the sellers have the strength to push towards 1.0780 or even 1.0750, which are better levels for going long. 

ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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