EUR/USD and trying to go up more! – 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: 1.103658
• Second Key support level of EUR/USD: 1.101026
• Third Key support level of EUR/USD: 1.096573
• First key resistance level of EUR/USD: 1.109462
• Second Key resistance level of EUR/USD: 1.115
• Third Key resistance level of EUR/USD: 1.117325
• First key support level of USD/CHF: 0.886071
• Second Key support level of USD/CHF: 0.88
• Third Key support level of USD/CHF: 0.875951
• First key resistance level of USD/CHF: 0.892691
• Second Key resistance level of USD/CHF: 0.900187
• Third Key resistance level of USD/CHF: 0.9059
• First key support level of GBP/USD: 1.245167
• Second Key support level of GBP/USD: 1.238622
• Third Key support level of GBP/USD: 1.227418
• First key resistance level of GBP/USD: 1.250667
• Second Key resistance level of GBP/USD: 1.254616
• Third Key resistance level of GBP/USD: 1.266833
• First key support level of USD/JPY: 132.170637
• Second Key support level of USD/JPY: 130
• Third Key support level of USD/JPY: 128
• First key resistance level of USD/JPY: 133.550674
• Second Key resistance level of USD/JPY: 135.136966
• Third Key resistance level of USD/JPY: 137.891011
EUR/USD and trying to go up more!
As mentioned in the previous analysis of the EUR/USD on 04/05/2023, the long-term structure of the EUR/USD was bullish, and after the correction of the price, which was likely, the control of the movements was still in the hands of the buyers. During this upward trend, buyers have obtained the highest price level of 1.109462, now the most critical obstacle to the price increase.
In the previous weekly candlestick, a Doji candlestick pattern is formed, which indicates a clear warning to change the direction of the trend from upward to downward. If this signal is confirmed in the next candlestick (the formation of a descending candle or a candlestick pattern that indicates the formation of a price ceiling), it will attract sellers’ attention.
So far, the price has not managed to cross the resistance band of 1.1075-1.109462, and the candle on the 25th day has also closed down, indicating buyers’ uncertainty about obtaining higher prices. In general, according to the upward tendencies arising from the long-term intervals in this currency pair, if the upward conditions are maintained, the price will have the potential to reach the resistance levels of 1.109462 and, in the following steps, up to 1.11 and 1.118.
In the opposite scenario and traders with sales plans, according to the type of movements formed in the daily and 4-hour time frames, so far, no clear and transparent reason has been created to reduce the price, and the minimum necessary conditions have been confirmed with the formation of a price ceiling. It is in the 4 hours (to ensure the bearish candle of the previous day).
In this regard, the price will have a downward potential due to being oversold, and one of the critical support levels in front of the price can be considered 1.101 and then 1.097.
CloseOption Team
www.closeoption.com
