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: 1.08919
• Second Key support level of EUR/USD: 1.08667
• Third Key support level of EUR/USD: 1.08500
• First key resistance level of EUR/USD: 1.09414
• Second Key resistance level of EUR/USD: 1.09800
• Third Key resistance level of EUR/USD: 1.10078
• First key support level of USD/CHF: 0.86706
• Second Key support level of USD/CHF: 0.86000
• Third Key support level of USD/CHF: 0.85504
• First key resistance level of USD/CHF: 0.87000
• Second Key resistance level of USD/CHF: 0.87272
• Third Key resistance level of USD/CHF: 0.88242
• First key support level of GBP/USD: 1.27553
• Second Key support level of GBP/USD: 1.27102
• Third Key support level of GBP/USD: 1.26700
• First key resistance level of GBP/USD: 1.28051
• Second Key resistance level of GBP/USD: 1.28604
• Third Key resistance level of GBP/USD: 1.28930
• First key support level of USD/JPY: 146.300
• Second Key support level of USD/JPY: 144.142
• Third Key support level of USD/JPY: 141.834
• First key resistance level of USD/JPY: 148.270
• Second Key resistance level of USD/JPY: 149.840
• Third Key resistance level of USD/JPY: 151.830
Overview of the EUR/USD Pair as of 13/08/2024.
As mentioned in the previous analysis of the EUR/USD pair dated 23/07/2024, the price had the potential to decrease, which eventually occurred, and the targeted support levels were reached.
In the current situation, from a long-term perspective, such as the monthly timeframe, the chart has taken on a bullish formation. As long as the critical support level of 1.05000 holds, the price has the potential to rise in the upcoming candles.
During its recent upward movement, the price has halted and reached the descending trendline formed by two resistance points. The formation of a spinning top candlestick pattern with a long upper shadow (on the weekly timeframe) indicates indecision among traders and a weakening of the bullish trend.
In shorter timeframes, such as the daily, the price has so far been unable to surpass the resistance level of 1.09414. High-risk sellers are active, and one of their psychological targets is the support level of 1.08918.
Given the current conditions, the first signal for further upward movement will be triggered by breaking the resistance level of 1.09414 or the third point of the descending trendline. In this context, buyers’ targets could be the resistance level of 1.098 and up to, in a more extreme scenario, 1.10078.
The CloseOption Team
