EUR/USD Analysis. 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: 1.08449
• Second Key support level of EUR/USD: 1.08061
• Third Key support level of EUR/USD: 1.07237

• First key resistance level of EUR/USD: 1.09028
• Second Key resistance level of EUR/USD: 1.09413
• Third Key resistance level of EUR/USD: 1.10330

• First key support level of USD/CHF: 0.88850
• Second Key support level of USD/CHF: 0.88300
• Third Key support level of USD/CHF: 0.87430

• First key resistance level of USD/CHF: 0.89151
• Second Key resistance level of USD/CHF: 0.89930
• Third Key resistance level of USD/CHF: 0.90221

• First key support level of GBP/USD: 1.28922
• Second Key support level of GBP/USD: 1.28600
• Third Key support level of GBP/USD: 1.27785

• First key resistance level of GBP/USD: 1.29377
• Second Key resistance level of GBP/USD: 1.30405
• Third Key resistance level of GBP/USD: 1.31484

• First key support level of USD/JPY: 155.727
• Second Key support level of USD/JPY: 154.521
• Third Key support level of USD/JPY: 153.000

• First key resistance level of USD/JPY: 157.672
• Second Key resistance level of USD/JPY: 158.753
• Third Key resistance level of USD/JPY: 160.161

EUR/USD Outlook as of 2024.07.23

The EUR/USD has experienced an upward trend in recent weeks, with buyers pushing the price to a high of 1.09464.

From a long-term perspective, the key historical level of 1.05000 has acted as a support multiple times, preventing further decline. As long as this support level holds, there is an inclination towards bullish movement.

The recent upward price movement stalled at the resistance level of 1.09163. With some buyers exiting their positions at this level, a price drop has ensued. The formation of Shooting Star and Harami candlestick patterns on the weekly chart last week issued an initial warning of weakening bullish momentum.

In shorter timeframes, such as daily, the price is in an overbought state, and sellers are attempting to drive the price lower towards the support levels of 1.084468 and subsequently 1.080486. The first credible signal for a reversal of the trend and hope for a price rise would be a break above the resistance level of 1.09016.

The CloseOption Team

www.closeoption.com