Where do the support and resistance levels stand today? - Forex News by FX Leaders

Where do the support and resistance levels stand today?

Posted Friday, July 22, 2016 by
Skerdian Meta • 1 min read

EUR/USD – As the saying goes, new day new levels. Or is it the same old levels? The range has been pretty tight on Wednesday and seems even tighter today. This forex pair had a "wild ride" yesterday when the ECB president Draghi hit the presser, jumping to 1.1060 and diving back to 1.0980, but that was it. The price entered a consolidation period and is now trading between the 50 and 100 moving averages.

They stand at 1.15 on the bottom and 1.30 on the top which are the first support and resistance levels. The 50 moving average is on the bottom and the 100 moving average is on the top. Above there, the second resistance level is yesterday´s high at 1.1050-60 and then 1.1080. On the bottom, the second level of support after 1.1015 comes at 1.10 and then 1.0980 which somehow has turned out to be a strong support level, for whatever reason. But hey, that´s market sentiment, you can´t fight it, you can only trade it.

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About the author

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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