Monday Morning Support and Resistance Levels
What a beautiful Monday morning this is! The sunshine is just beautiful today and I hope we have a pretty bright day in forex as well. So, let´s have a quick look at the support and resistance levels in some of the major forex pairs in order to be prepared before the market gets moving, because this morning the forex market has been very quiet.
GBP/USD – The Pound has been sliding lower and it has been the main mover so far this morning with a 50 pip range top to bottom. 1.2985 was the high last night so that is the first resistance line now. 1.3015-20 is where the 50 and 100 moving averages (MAs) are on the hourly forex chart, which is the second line of resistance. On the H4 chart, the 50 MA, which now stands at 1.3080, has been providing strong resistance before. Therefore, we´ll count on that to do the same if the price reaches 1.3120.
Support is scarcer for this forex pair since such low levels are a new reality in this pair recently, so they might have a bigger impact. 1.2915-20 was the low on Friday so that´s the immediate support level. If the buyers are looking for help, then 1.2850-60 is the make or break level. Below that comes the post-Brexit low at 1.28, but we're not sure it will hold if the previous support level gives way.
Never underestimate the moving averages!
EUR/USD – This forex pair has been relatively quiet last week, probably the quietest pair among the major ones. Right now the price is trading at 1.1230s, heading towards 1.1250, which is the first resistance level since it was the reversing point of Friday. 1.1270-80 is obviously another decent resistance level, followed by 1.1320.
The first support comes at 1.12, which is where a few moving averages are located on the H4 forex chart. 1.1120 comes next and it´s been a decent support level in the past several weeks, so watch that line for a direction! If the price moves below it, then down we go. If the price stays above it, then we´re going to be range bound for some more time. This level is followed by 1.1050 and 1.10 further below.
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