Support & Resistance Levels for EUR/USD Before ECB’s Draghi - Forex News by FX Leaders

Support & Resistance Levels for EUR/USD Before ECB’s Draghi

Posted Thursday, December 7, 2017 by
Skerdian Meta • 1 min read

The Euro has been feeling sort of weak recently after failing to break above 1.20 again last week. The decline extended below 1.18 yesterday, and we’re still below that level at the moment, but the price action has slowed.

The ECB (European Central Bank) President Draghi is holding a speech, later on, so the forex market is awaiting his comments. He’s making an appearance in about five hours. But, let’s have a look now at the levels which might offer some trading opportunities during Mario’s speech.

You can consider moving averages as support & resistance levels.

EUR/USD

Resistance

1 – 1.1800-10 (Medium – Today’s high)

2 – 1.1830 (Medium – 100 SMA on H4 chart)

3 – 1.1850-60 (Strong – 50 SMA on H4 chart)

4 – 1.1880 (Strong – This week’s high)

5 – 1.19 (Strong – Big round number)

Support

1 – 1.1780 (Medium – Yesterday’s low)

2 – 1.1750-60 (Medium – 200 SMA on the H4 chart)

3 – 1.1720 (Medium – Support two weeks ago)

4 – 1.17 (Strong – Big round number)

We don’t know what Mario Draghi might imply with his comments today. But the sellers are still in control at the moment. Anyway, keep these levels in mind today if the market makes a move. They should be good at pointing out enter or exit levels if you are trading this forex pair.

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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