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EUR/USD currency pair – An overview of important support and resistance levels of the four major currency pairs of the ongoing week.

 

• First key support level of EUR/USD: 1.0672
• Second Key support level of EUR/USD: 1.061125
• Third Key support level of EUR/USD: 1.0485
• First key resistance level of EUR/USD: 1.076429
• Second Key resistance level of EUR/USD: 1.080448
• Third Key resistance level of EUR/USD: 1.08627

• First key support level of USD/CHF: 0.91777
• Second Key support level of USD/CHF: 0.91
• Third Key support level of USD/CHF: 0.905965
• First key resistance level of USD/CHF: 0.922341
• Second Key resistance level of USD/CHF: 0.928015
• Third Key resistance level of USD/CHF: 0.93

• First key support level of GBP/USD: 1.207578
• Second Key support level of GBP/USD: 1.2
• Third Key support level of GBP/USD: 1.190001
• First key resistance level of GBP/USD: 1.211107
• Second Key resistance level of GBP/USD: 1.226151
• Third Key resistance level of GBP/USD: 1.243215

• First key support level of USD/JPY: 130.596498
• Second Key support level of USD/JPY: 129.196685
• Third Key support level of USD/JPY: 128.324494
• First key resistance level of USD/JPY: 131.523783
• Second Key resistance level of USD/JPY: 132.914719
• Third Key resistance level of USD/JPY: 134.511348

 

An overview of the EUR/USD currency pair on 08/02/2023!

 

The EUR/USD currency pair has been in a relatively strong upward trend since the end of the year without a significant correction, and buyers have reached the highest level of 1.10326 during this upward trend. However, during its ascent, the price stopped growing further by reaching the critical resistance level of 50% of Fibonacci (between 1.234930.95384), and some buyers started to liquidate their transactions.

In the current conditions and the long-term period, such as weekly, there is no clear and transparent reason for the price increase, and the first significant warning for the upward trend is the threat and breaking of the resistance level of 1.10326.

From the point of view, with a more petite time frame, such as 4 hours, if the resistance level of 1.07608 is broken, the price will have the potential to climb up to the resistance level of 1.08.

The composition of the candlestick pattern in the past three weeks is, respectively, the Hanging Man, the Doji, and the Shooting Star, which all indicate the formation of a price ceiling and the buyers leave this area. Also, the price in this period with the Stoch index is in negative divergence, which warns of the formation of a price ceiling and bearish candles (warning for buyers).

In the daily period, the price breaks the upward trend line consisting of two support points, giving a small warning to buyers in this area. In this regard, and case of further price reduction, the sellers will seek to take the support level of 1.06678 in the first step and 1.063 in the next step.

 

CloseOption Team

www.closeoption.com


Disclaimer: Please note that trading in financial markets such as Forex and Cryptocurrency includes a high level of risk and, therefore, may not be suitable for everyone. Also, all analyses and information presented in this email do not offer a trading guide or a buy-or-sell signal, and CloseOption bears no responsibility in this regard.

 

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