⚡Crypto Alert : Altcoins are up 28% in just last month! Unlock gains and start trading now - Click Here

Key Levels to Watch in the EUR/USD

The USD saw a little bit of downside on Monday and that meant the EUR/USD and the other majors held-up.

The week ahead looks like there are a number of big economic numbers that will have a significant impact on the Euro over the next few days. They include US CPI, Retail Sales and German GDP which are amongst the biggest.

Given the path of the USD, which looks like it is now turning around, we have to assume the EUR/USD is now looking bearish. I personally feel that we are looking at some more downside ahead.

Key Levels

1.2300 is an important resistance level and it’s one that I would consider selling at looking for a move lower. If, however, we pull above 1.2350 in any meaningful way then I think the bearish move might take a bit longer to play out.

1.2200 is my key support level for the time being. If we pull below that point, then I see us having more downside.

Of course, these are also the major round numbers, but they do have a tendency to act as a good guide in Euro trades.

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 See More
Avatar
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.
Related Articles
🔒 OPEN A TRADING ACCOUNT