Want some support and resistance levels guys?
Skerdian Meta • 1 min read
EUR/USD – The 1.10 level was finally breached this morning and after falling to 1.0980 the price has retraced back up and we are hanging around that same old level. I don´t know if the 1.10 level counts for anything now that the price has moved above and below it several times but I do know that the first resistance level is provided by the 20 moving average at 1.1015-20.
The 20 moving average has been living up to its name today
You see, I have been often talking bout moving averages but they work better than support and resistance levels because they are more visible, therefore easier to use so more forex traders use them. We know that the more forex traders use an indicator the better it works. Anyway, above that comes 1.1030, 1.1050 and 1.1080 where you can look for opportunities to sell EUR/USD, because the market sentiment has been bearish on this forex pair in the last two days and you don´t want to go against the market sentiment.
How about support levels? In order to find the support levels we must change to higher timeframe forex charts because the price has been above these levels since the day that followed the Brexit vote. Looking at the 4 hour forex chart we can see that the first support level comes at 1.0970-80 which has been the low today and on the first Monday after the Brexit referendum. Below that comes 1.0900-10 which was the low after the Brexit vote was confirmed and finally 1.08.