Support & Resistance Levels For EUR/USD

We entered a new week yesterday so it´s time to post the new support and resistance levels for a couple of the forex majors. Remember that we use these levels for buying and selling and for limiting risk.

EUR/USD

Resistance                                                                   Support

1 – 1.1770-80 (Medium – 100 SMA on H1 chart)             1 – 1.1720 (Mild – Buffer zone for 1.17)

2 – 1.18 (Strong – 50 SMA on H4 chart)                            2 – 1.17 (Strong – Solid support)

3 – 1.840-50 (Medium – Resistance)                                3 – 1.1680 (Medium – Buffer zone for 1.17)

5 – 1.1900-10 (Strong – The high so far)                         4 – 1.1650 (Medium – Previous resistance)

The picture looks bearish for EUR/USD, but the support is holding

USD/GBP

Resistance                                                                   Support

1 – 1.2940-50 (Strong – Previous support)              1 – 1.29 (Strong – But it is being broken)

2 – 1.2980 (Mild – Buffer zone for 1.30)                    2 – 1.2880 (Medium – Buffer for 1.29)

3 – 1.30 (Strong – No need to mention)                   3 – 1.2850-60 (Strong – 100 SMA on h4 chart)

5 – 1.3030 (Medium – Previous resistance)           4 – 1.28 (Strong – Big round number)

The 1.29 level has been breached in GBP/USD, although I wouldn´t call it a break just yet until the hourly candlestick closes below there.

The next level down is 1.2880, which is providing resistance at the moment. The UK CPI numbers missed expectations but they weren´t too bad. As I mentioned in the previous forex update, don’t get stuck on this position because the average earnings are due tomorrow.

So, the sellers might call it a day and instead focus their energies on tomorrow. I would suggest that you place SL at break, even if you are a seller.     

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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