CloseOption Knowledgebase

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: 1.054203
• Second Key support level of EUR/USD: 1.046699
• Third Key support level of EUR/USD: 1.036034
• First key resistance level of EUR/USD: 1.058282
• Second Key resistance level of EUR/USD: 1.06382
• Third Key resistance level of EUR/USD: 1.076544

 

• First key support level of USD/CHF: 0.962165
• Second Key support level of USD/CHF: 0.96
• Third Key support level of USD/CHF: 0.955719
• First key resistance level of USD/CHF: 0.968435
• Second Key resistance level of USD/CHF: 0.971228
• Third Key resistance level of USD/CHF: 0.980093

 

• First key support level of GBP/USD: 1.2182
• Second Key support level of GBP/USD: 1.20398
• Third Key support level of GBP/USD: 1.193353
• First key resistance level of GBP/USD: 1.232479
• Second Key resistance level of GBP/USD: 1.240735
• Third Key resistance level of GBP/USD: 1.26

 

• First key support level of USD/JPY: 135.797878
• Second Key support level of USD/JPY: 135.434604
• Third Key support level of USD/JPY: 134.524173
• First key resistance level of USD/JPY: 136.610198
• Second Key resistance level of USD/JPY: 137
• Third Key resistance level of USD/JPY: 138

 

Technical Analysis of Ethereum

Ethereum is experiencing a continuous decline after reaching an all-time high of $4860 which is a desperate situation for all holders and Ethereum maximalists. Concerning the sell pressure and the fear in the cryptocurrency market, the price was able to record an all-time low of $1000. Some sellers closed their open sell positions after the price touched the critical support level of $1000 and stopped further decline. In the long term, like weekly, the price has been in a downward trend for 11 weeks, and there is no clear evidence that shows the trend reversal in weekly and monthly time frames. In the event that the bears determine the market again, the price will likely decline more and touch the support level of $765 (warning for buyers in this price range.)

In the daily time frame, in respect of the price movements formed, the divergence among the ATH of $4860 and the support level of $1000, the price has formed the harmonic pattern of AB = CD together with the incongruous Fibonacci ratio of 50 – 161.8. Therefore, a warning has been issued concerning the formation of a price floor by forming a hammer candlestick pattern in the ‘D’ point of the mentioned Fibonacci ratio. Regarding the price being sutured with sells until the formation of the price floor in the ‘D’ area of the harmonic pattern is stabilized (the support area of $1000), the price will likely reverse its previous trend and ascend, howbeit small. In case of a price increase, the price targets for buyers will be the support levels of $1250 and $1450; in case of a strong price increase, $1680.

 

 

Warning: Please note that regarding the fact that the cryptocurrencies have been labeled as risky assets and the complicated market situation, the mentioned article is not a buy or sell signal and is purely a free analysis of the current cryptocurrencies market.

CloseOption Team

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