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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: 1.018221
• Second Key support level of EUR/USD: 1.010589
• Third Key support level of EUR/USD: 1
• First key resistance level of EUR/USD: 1.023734
• Second Key resistance level of EUR/USD: 1.027821
• Third Key resistance level of EUR/USD: 1.034412

• First key support level of USD/CHF: 0.951287
• Second Key support level of USD/CHF: 0.946999
• Third Key support level of USD/CHF: 0.944356
• First key resistance level of USD/CHF: 0.955929
• Second Key resistance level of USD/CHF: 0.959417
• Third Key resistance level of USD/CHF: 0.965938

• First key support level of GBP/USD: 1.218585
• Second Key support level of GBP/USD: 1.215457
• Third Key support level of GBP/USD: 1.206554
• First key resistance level of GBP/USD: 1.22782
• Second Key resistance level of GBP/USD: 1.232
• Third Key resistance level of GBP/USD: 1.24

• First key support level of USD/JPY: 131.590719
• Second Key support level of USD/JPY: 131.176835
• Third Key support level of USD/JPY: 130.420072
• First key resistance level of USD/JPY: 133.515432
• Second Key resistance level of USD/JPY: 135.554784
• Third Key resistance level of USD/JPY: 138.853921

 

EUR/USD Price Action Analysis on 2022.08.02

After the recent strong downward wave (started from the beginning of last year until now), the EUR/USD has finally stopped falling further by reaching and touching the parity number of 1. With the formation of a price floor and its stabilization in recent weeks, the hope for the price rise in this currency pair has increased. In the weekly period, the formation of a candle with a long lower shadow near the level of 1.0000 warns of the formation of a price floor and stopping the downward trend. In the current conditions, with the extension of the recent bearish wave, a completed harmonic pattern of the AB=CD type with the non-ideal ratios of 88.6 and 127.2 Fibonacci has influenced the price, giving a small warning to the upside during the upcoming candles.

By checking shorter time intervals such as 4 hours, the price has stopped climbing further after reaching the resistance level of 1.027857 and is now in a slight downward correction. Considering the potential for price growth and rise in long-term periods in the direction of the above scenario, if a price floor is formed and it stabilizes in at least 4 hours, the price will have the ability to rise. In this regard, in case of a price increase, the important resistance levels that buyers follow as price targets are 1.027857, and the next step is 1.0347

 

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