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An overview of the EUR/USD status on 25/01/2024 – 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: 1.087022
• Second Key support level of EUR/USD: 1.084653
• Third Key support level of EUR/USD: 1.081992
• First key resistance level of EUR/USD: 1.092974
• Second Key resistance level of EUR/USD: 1.09976
• Third Key resistance level of EUR/USD: 1.109321

• First key support level of USD/CHF: 0.862624
• Second Key support level of USD/CHF: 0.860656
• Third Key support level of USD/CHF: 0.855398
• First key resistance level of USD/CHF: 0.8649
• Second Key resistance level of USD/CHF: 0.87000
• Third Key resistance level of USD/CHF: 0.872602

• First key support level of GBP/USD: 1.270324
• Second Key support level of GBP/USD: 1.26500
• Third Key support level of GBP/USD: 1.26130
• First key resistance level of GBP/USD: 1.273665
• Second Key resistance level of GBP/USD: 1.27700
• Third Key resistance level of GBP/USD: 1.28110

• First key support level of USD/JPY: 147.650
• Second Key support level of USD/JPY: 147.045
• Third Key support level of USD/JPY: 146.652921
• First key resistance level of USD/JPY: 148
• Second Key resistance level of USD/JPY: 148.298
• Third Key resistance level of USD/JPY: 148.705

 

An overview of the EUR/USD status on 25/01/2024.

 

The EUR/USD currency pair has been in a downward trend since the beginning of this year. During this downward trend, sellers have reached the lowest price point of 1.08213.

In the longer-term period, such as weekly, there is no clear and transparent reason for the price increase yet. If the current support level 1.08213 is threatened and destroyed, the price will potentially fall further and reach the critical support level of 1.07500.

In the shorter time frame of daily analysis, the price has stopped decreasing further from its peak value of 1.11392. It reached the level of 76.4 Fibonacci (from the price floor of 1.07196 to the price ceiling of 1.11392) and formed candles with relatively long shadows on the 23rd day. This indicates that traders are hesitant to continue the selling process. Yesterday’s daily close indicated a temporary seller retreat due to buyer pressure.

Considering the current oversold condition of the price, there is a potential for it to rise in the upcoming candles as long as the price floor of 1.08213 is maintained. Buyers are expected to aim to break the resistance level of 1.09300 and then continue towards 1.09900.

 

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