The EUR/USD has climbed to these levels last Friday and then it made some new highs on Monday. So, there has been some strong buying pressure during this period, but we failed to make new highs yesterday and now we have completed a retrace lower. That´s the reason we opened a buy forex signal in this pair last night.

Later today, the ECB president Mario Draghi is holding a speech in Madrid, so he might take us places, although I expect/hope that he takes us lower since we have a long term sell forex signal here. But before he comes live, let´s have a look at support and resistance levels for this forex pair.

EUR/USD

Resistance                                                                   Support

1 – 1.1200-10 (medium – 50 SMA on H1 chart                 1 – 1.1160-70 (strong – 100 SMA on H1 chart)

2 – 1.1250-60 (strong – the high so far)                           2 – 1.1140-50 (mild)

3 – 1.1275-80 (mild)                                                           3 – 1.11 (strong – 50 SMA on H4 chart)

4 – 1.1300-10 (mild)                                                           4 – 1.1070-80 (strong)    

These are the closed support & resistance levels and I better post them quickly because I just felt an earthquake and my flat shaking. These things are scary, but the bright side is that it makes forex look like an easy ride. Take care folks, hopefully, I´ll still be around for the next update.