EUR/USD: The 200 SMA is Offering Resistance
The Euro has finally started topping out in the short-term, thanks to a bit of strength finally coming back into the USD. While we’ve bee
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Last updated: Friday, October 13, 2017
The Euro has finally started topping out in the short-term, thanks to a bit of strength finally coming back into the USD. While we’ve been bearish on the EUR/USD for a little while now, the sharp jump this week has caught many traders by surprise.
Taking a look at the 240-min chart, you can see that we’ve bounced off the 200-SMA. For those looking at a short position, I would be tempted to look at the price action on the next attempt and if there is some selling pressure, this might represent a good short.
Otherwise, the key support and resistance levels will be great opportunities to look for turning points.
Key Support and Resistance Levels
|
Support |
Resistance |
|
1.1736 |
1.1880 |
|
1.1700 |
1.1900 |
|
1.1663 |
1.1932 |
EUR/USD – 240 min Chart.
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ABOUT THE AUTHOR
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Rowan Crosby
Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
