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: 1.08100
• Second Key support level of EUR/USD: 1.07617
• Third Key support level of EUR/USD: 1.07000
• First key resistance level of EUR/USD: 1.08385
• Second Key resistance level of EUR/USD: 1.08700
• Third Key resistance level of EUR/USD: 1.09100
• First key support level of USD/CHF: 0.86473
• Second Key support level of USD/CHF: 0.86081
• Third Key support level of USD/CHF: 0.85503
• First key resistance level of USD/CHF: 0.86678
• Second Key resistance level of USD/CHF: 0.86993
• Third Key resistance level of USD/CHF: 0.87600
• First key support level of GBP/USD: 1.29577
• Second Key support level of GBP/USD: 1.29100
• Third Key support level of GBP/USD: 1.28500
• First key resistance level of GBP/USD: 1.29998
• Second Key resistance level of GBP/USD: 1.30430
• Third Key resistance level of GBP/USD: 1.31040
• First key support level of USD/JPY: 152.840
• Second Key support level of USD/JPY: 151.870
• Third Key support level of USD/JPY: 151.000
• First key resistance level of USD/JPY: 153.877
• Second Key resistance level of USD/JPY: 155.000
• Third Key resistance level of USD/JPY: 156.627
Overview of EUR/USD as of October 29, 2024
As noted in the previous analysis of the EUR/USD pair dated October 22, 2024, the pair demonstrated signs of a potential further decline, which ultimately materialised. Over the past four weeks, EUR/USD has been in a downward trend, with sellers successfully pushing the price to a new low of 1.07609.
There is no clear indication of a reversal or upward movement in longer-term timeframes such as monthly and weekly. Should the price level of 1.07609 be threatened or breached, the pair may drop further, targeting the support level at 1.073.
During the recent decline, the price found support at an ascending trendline formed by three support points (plotted on a line chart) and at the support level of 1.0775, resulting in the formation of a fourth price bottom. In shorter timeframes, such as the daily chart, the pair has entered an oversold condition, which has led to some corrective upward movements in recent days.
Currently, there are still some high-risk bullish inclinations in play. If the resistance level of 1.08264 is broken, it could intensify the activities of risk-seeking buyers, pushing the price towards resistance levels at 1.08375 and possibly even extending to 1.086 in a more aggressive move.
The CloseOption Team
