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Technical Analysis of EUR/USD currency pair on 09/08/2023 – 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: 1.094323
• Second Key support level of EUR/USD: 1.091447
• Third Key support level of EUR/USD: 1.084351
• First key resistance level of EUR/USD: 1.101
• Second Key resistance level of EUR/USD: 1.104
• Third Key resistance level of EUR/USD: 1.109838

• First key support level of USD/CHF: 0.873311
• Second Key support level of USD/CHF: 0.87
• Third Key support level of USD/CHF: 0.864768
• First key resistance level of USD/CHF: 0.878251
• Second Key resistance level of USD/CHF: 0.882
• Third Key resistance level of USD/CHF: 0.89

• First key support level of GBP/USD: 1.271295
• Second Key support level of GBP/USD: 1.268343
• Third Key support level of GBP/USD: 1.26194
• First key resistance level of GBP/USD: 1.278
• Second Key resistance level of GBP/USD: 1.287269
• Third Key resistance level of GBP/USD: 1.294

• First key support level of USD/JPY: 143.436
• Second Key support level of USD/JPY: 143
• Third Key support level of USD/JPY: 141.555
• First key resistance level of USD/JPY: 143.860
• Second Key resistance level of USD/JPY: 144.500
• Third Key resistance level of USD/JPY: 145

 

Technical Analysis of EUR/USD currency pair on 09/08/2023.

 

Per our previous analysis of the EUR/USD currency pair on 07.26.2023, the price may have risen to the resistance level of 1.11400 but eventually returned from this level and declined, reinforcing the anticipated downward trend.

As the price declined, it eventually reached the upward trend line with three support points. This caused the price to stop falling and establish a price floor at 1.09125.

From a long-term point of view, such as monthly and weekly, until the resistance level of 1.10470 is maintained, due to the relative position of the price in a state of saturation with buying, the price will still have the potential to fall further, and reach the critical support levels of 1.085 and then up to 1.07. The hypothesis is strengthened and started by breaking the upward trend line.

In the shorter term, the price has followed a descending channel pattern. It has consistently reacted to hitting the edges of this pattern, and breaking its resistance edge allows the price to rise and increase.

In case the downward price channel is breached, there’s a chance for the price to increase and hit significant resistance levels of 1.1 and beyond 1.10390.

 

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