Review of EUR/USD Status as of 17/09/2024.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: 1.11156
• Second Key support level of EUR/USD: 1.10762
• Third Key support level of EUR/USD: 1.10044
• First key resistance level of EUR/USD: 1.11500
• Second Key resistance level of EUR/USD: 1.12000
• Third Key resistance level of EUR/USD: 1.12335
• First key support level of USD/CHF: 0.84335
• Second Key support level of USD/CHF: 0.84035
• Third Key support level of USD/CHF: 0.83748
• First key resistance level of USD/CHF: 0.84913
• Second Key resistance level of USD/CHF: 0.85400
• Third Key resistance level of USD/CHF: 0.86000
• First key support level of GBP/USD: 1.31995
• Second Key support level of GBP/USD: 1.31466
• Third Key support level of GBP/USD: 1.30442
• First key resistance level of GBP/USD: 1.32300
• Second Key resistance level of GBP/USD: 1.32610
• Third Key resistance level of GBP/USD: 1.33000
• First key support level of USD/JPY: 140.711
• Second Key support level of USD/JPY: 139.573
• Third Key support level of USD/JPY: 138.036
• First key resistance level of USD/JPY: 141.774
• Second Key resistance level of USD/JPY: 143.503
• Third Key resistance level of USD/JPY: 144.852
Review of EUR/USD Status as of 17/09/2024
In recent months, EUR/USD has experienced an upward trend, during which buyers have managed to achieve the highest level of 1.12007 so far. At present, considering the long-term movements such as on monthly and weekly charts, there is no clear or strong indication of a long-term bearish trend.
As noted in previous analyses, due to the stabilisation of prices above the significant support level of 1.05000 and the relative oversold condition on the monthly chart, buyers continue to pay special attention to this pair, focusing on both long-term and medium-term trades.
The closing of the previous weekly candlestick as a pin bar reflects active buyer participation. Some of the important resistance levels ahead are 1.115 and further up to 1.11900.
However, due to traders waiting for the release of key economic data on Wednesday, a strong potential for orderly and technical movements is not anticipated.
So far, there is no clear and strong reason for a price decline, but due to the price being in an overbought state in the short-term timeframe, high-risk sellers are active and are attempting to test the support levels of 1.11320 and further down to 1.1115.
The CloseOption Team
