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EUR-USD price action – 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: 1.058102
• Second Key support level of EUR/USD: 1.051091
• Third Key support level of EUR/USD: 1.04
• First key resistance level of EUR/USD: 1.065667
• Second Key resistance level of EUR/USD: 1.073646
• Third Key resistance level of EUR/USD: 1.081367

• First key support level of USD/CHF: 0.928526
• Second Key support level of USD/CHF: 0.921458
• Third Key support level of USD/CHF: 0.909225
• First key resistance level of USD/CHF: 0.93700
• Second Key resistance level of USD/CHF: 0.945542
• Third Key resistance level of USD/CHF: 0.954599

• First key support level of GBP/USD: 1.212661
• Second Key support level of GBP/USD: 1.194571
• Third Key support level of GBP/USD: 1.180715
• First key resistance level of GBP/USD: 1.222338
• Second Key resistance level of GBP/USD: 1.244152
• Third Key resistance level of GBP/USD: 1.266833

• First key support level of USD/JPY: 135
• Second Key support level of USD/JPY: 133.608202
• Third Key support level of USD/JPY: 130.368502
• First key resistance level of USD/JPY: 138.157022
• Second Key resistance level of USD/JPY: 140
• Third Key resistance level of USD/JPY: 142.197416

 

An overview of the EUR-USD price action

 

As mentioned in the analysis of the EUR-USD currency pair dated 10.12.2022, the price had the potential to rise and progress after the candlestick patterns (inverted hammer and candlestick with a long lower shadow) in the weekly chart. These patterns are exactly the end point of the downward trend and the beginning of an upswing. However, buyers have taken control of the market in the past few weeks and have managed to reach the highest resistance level of 1.0735.

According to the type of price movements formed in the long-term charts, there is no clear and transparent reason for the fall and reduction of the price. If the resistance level of 1.0735 is lost, the price will have the potential to rise further and reach the resistance levels of 1.079 and 1.092 (Warning for buyers at any levels other than short term).

In the current situation, the price, during its ascent, has stopped further ascent by reaching the resistance band range of 1.07-1.064 (the formation of a long upper shadow in the previous weekly candle), and buyers follow their transactions with more caution. In the daily timeframe, due to the relatively “not complete” position of the price in the state of oversold, the price will have the potential to correct its recent upward trend, although this correction is slow or in a range state. However, if the resistance level of 1.0735 is maintained, the price will have the potential to fall and decrease to the support levels of 1.045 and then 1.04.

 

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