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 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.
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.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
HFM
Related Posts
Doo Prime
XM
Best Forex Brokers
