EUR USD Technical 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: 1.051159
• Second Key support level of EUR/USD: 1.048006
• Third Key support level of EUR/USD: 1.0409
• First key resistance level of EUR/USD: 1.057
• Second Key resistance level of EUR/USD: 1.06
• Third Key resistance level of EUR/USD: 1.063233
• First key support level of USD/CHF: 0.91765
• Second Key support level of USD/CHF: 0.91488
• Third Key support level of USD/CHF: 0.91
• First key resistance level of USD/CHF: 0.92
• Second Key resistance level of USD/CHF: 0.92257
• Third Key resistance level of USD/CHF: 0.93
• First key support level of GBP/USD: 1.213
• Second Key support level of GBP/USD: 1.21
• Third Key support level of GBP/USD: 1.2
• First key resistance level of GBP/USD: 1.216
• Second Key resistance level of GBP/USD: 1.22305
• Third Key resistance level of GBP/USD: 1.23
• First key support level of USD/JPY: 149.381
• Second Key support level of USD/JPY: 149.284
• Third Key support level of USD/JPY: 149.184
• First key resistance level of USD/JPY: 149.472
• Second Key resistance level of USD/JPY: 150
• Third Key resistance level of USD/JPY: 151
Technical Analysis of EUR/USD Currency Pair on 26/09/2023.
Over the past ten weeks, the EUR/USD currency pair has experienced a strong downward trend without any corrections. During this downward trend, sellers have successfully pushed the price down to the lowest level of 1.05084.
In the current conditions, considering long-term intervals such as monthly, there is no apparent reason for a price increase, and the potential for further decline is expected in future candlesticks.
If the support level at 1.05 is threatened and lost, sellers will aim to reach the next support level at 1.04800 and then further down to 1.04030. (A warning for medium-term buyers)
In the weekly timeframe, there is no sign of the formation of a price floor, and traders are waiting for the price to react and observe its behaviour on the crucial support range of 1.05151 to 1.04800.
Considering the price is in an oversold state, there is potential for a correction in the downward trend and a weak upward movement in daily or 4-hour timeframes.
Currently, market control is in the hands of sellers, and at least the necessary sign for weakening the downward trend is the formation and consolidation of a price floor in the 4-hour timeframe.
In this scenario, the price can rise and reach the resistance level of 1.057 and up to 1.063.
CloseOption Team
