EUR/USD has been trading in a range over the last two days, unlike commodity currencies and USD/JPY which are tumbling. I was thinking about opening a forex signal yesterday, but the range wasn’t in place yet and the levels were a bit vague. Today the range seems in place and the support and resistance levels are more visible. Let’s have a look at these levels before going in, so we know where to look for trading opportunities.  

EUR/USD  

Resistance                                                                                          

1 – 1.1820-30 (Mild – Buffer zone for 1.18)                     

2 – 1.850-60 (Medium – Previous resistance)                    

3 – 1.1870-80 (Strong – The high last week)                   

4 – 1.19 (Strong – Big round number)

Support

1 – 1.1780-85 (Medium – Previous resistance and buffer zone for 1.18)

2 – 1.1750 (Strong – Yesterday’s low and 100 SMA)

3 – 1.1725-30 (Mild – 20 SMA on the H1 chart)

4 – 1.17 (Strong – Big round number)

5 – 1.1650-60 (Strong – Support in the last three months)

We can see the levels better today.

I was thinking of opening a buy signal just now, since the H1 chart is oversold and the previous candlestick closed as a pin on the hourly forex chart. But, the picture on the H4 chart is a bit more mixed up. So, I will follow the price action to see if the sellers have the strength to push towards 1.0780 or even 1.0750, which are better levels for going long.