An Overview of the EUR/USD Status on 14/02/2024.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: 1.06983
• Second Key support level of EUR/USD: 1.06655
• Third Key support level of EUR/USD: 1.06351
• First key resistance level of EUR/USD: 1.07231
• Second Key resistance level of EUR/USD: 1.07440
• Third Key resistance level of EUR/USD: 1.07949
• First key support level of USD/CHF: 0.88174
• Second Key support level of USD/CHF: 0.87577
• Third Key support level of USD/CHF: 0.87283
• First key resistance level of USD/CHF: 0.8888
• Second Key resistance level of USD/CHF: 0.89500
• Third Key resistance level of USD/CHF: 0.90000
• First key support level of GBP/USD: 1.25178
• Second Key support level of GBP/USD: 1.25021
• Third Key support level of GBP/USD: 1.24503
• First key resistance level of GBP/USD: 1.26078
• Second Key resistance level of GBP/USD: 1.26874
• Third Key resistance level of GBP/USD: 1.27731
• First key support level of USD/JPY: 150.017
• Second Key support level of USD/JPY: 149.595
• Third Key support level of USD/JPY: 148.912
• First key resistance level of USD/JPY: 150.888
• Second Key resistance level of USD/JPY: 151.439
• Third Key resistance level of USD/JPY: 151.880
An Overview of the EUR/USD Status on 14/02/2024.
Due to fundamental market data, the EUR/USD currency pair experienced significant downward movements yesterday. The sellers managed to reach the lowest quantitative level of 1.06938.
Based on the current conditions, there is no apparent reason for the price to increase in long-term intervals (such as monthly). If the price floor of 1.06938 is lost, the price can decrease further and reach the critical support level of 1.06400.
In the daily period, the sellers’ hope of getting lower prices increased as the upward trend line consisting of three support points and the support level 0.7213 were broken.
The recent downward movement has caused the price to be oversold for this particular currency pair. It is common for the pair to correct its trend and for some sellers to exit their transactions. This correction may lead to a potential increase in price up to the level of 1.7213. In more intense situations, it could even go up to the level of 1.07405.(Warning and caution for buyers with medium-term trades due to the prevailing downward trend)
The CloseOption Team
