Key Levels For the EUR/USD - Forex News by FX Leaders

Key Levels For the EUR/USD

Posted Friday, November 3, 2017 by
Shain Vernier • 1 min read

In Wednesday’s pre-FOMC meeting recommendation, I outlined a Fibonacci short trade for the EUR/USD. After taking some initial heat, it performed well producing a 30 pip profit. Although the position was open a bit longer than expected, the trade was in the green for a majority of the duration.

Today has shown the USD to be grabbing some marketshare from the EUR, with the pair down about 10 pips for the session. Let’s take a look at some of the key levels for the EUR/USD.

 

EUR/USD Technicals

Fibonacci retracements can be a powerful tool. Our 38% retracement level has withstood two sustained challenges.

EUR/USDEUR/USD, Daily Chart

 

The obvious “L” formation that I covered earlier in the week remains intact. Currently, we are trading with sideways action, posting a failed auction above yesterday’s high.

Key support and resistance levels:

  • Resistance(1): 38% retracement of current bear run, 1.1674

  • Resistance(2): 20 Day EMA, 1.1726

  • Resistance(3): Bollinger MP, 1.1735

  • Support(1): Thursday’s low, 1.1612

  • Support(2): Swing low, 1.1593

Overview: I expect to see sideways action for the remainder of the session. Another test of the 1.1674 level is possible, but the likely scenario is a close around the value area of 1.1635. With no market movers scheduled to be released for the rest of the day, rotation will be the rule.

Next week is going to give us some prime trading opportunities for the EUR/USD. The last five sessions have been extremely tight. It is probable that we see a directional move during the upcoming trading week.

 
Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Shain Vernier // US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of