Technical Analysis of the EUR/USD -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: 1.092409
• Second Key support level of EUR/USD: 1.0842
• Third Key support level of EUR/USD: 1.078841
• First key resistance level of EUR/USD: 1.097
• Second Key resistance level of EUR/USD: 1.1033
• Third Key resistance level of EUR/USD: 1.118
• First key support level of USD/CHF: 0.902953
• Second Key support level of USD/CHF: 0.901896
• Third Key support level of USD/CHF: 0.900491
• First key resistance level of USD/CHF: 0.907
• Second Key resistance level of USD/CHF: 0.91
• Third Key resistance level of USD/CHF: 0.911651
• First key support level of GBP/USD: 1.243
• Second Key support level of GBP/USD: 1.228
• Third Key support level of GBP/USD: 1.22168
• First key resistance level of GBP/USD: 1.251392
• Second Key resistance level of GBP/USD: 1.26
• Third Key resistance level of GBP/USD: 1.266833
• First key support level of USD/JPY: 130.596667
• Second Key support level of USD/JPY: 129.636292
• Third Key support level of USD/JPY: 128.06985
• First key resistance level of USD/JPY: 132.246685
• Second Key resistance level of USD/JPY: 133.5
• Third Key resistance level of USD/JPY: 137.7
Technical Analysis of the EUR/USD Currency Pair on 05/04/2023
During the last month, the EUR/USD currency pair has achieved a significant rise, and during this upward rally, the buyers have obtained the highest price level of 1.09733. According to the condition of this currency pair in long-term periods such as monthly and weekly, no clear and transparent reason for the downward trend can be observed, and the minimum necessary sign to be affected by the current upward trend is the formation of a price peak in the weekly time frame.
Considering the bullish structure of the market in the long term and the lack of withdrawal of buyers so far, the price will have the potential to rise further and reach the resistance levels of 1.1033 and, in the next step, up to 1.1182. In shorter periods, such as daily and 4 hours, the price is in an ascending channel pattern that rises towards the edge of resistance and is considered a warning for sellers in this range.
Because of recent upward movements and the price being saturated with relative buying, traders should expect a price correction (temporary fall). The breaking of the resistance level of 1.09733 can be considered the first warning for the price to rise further.
CloseOption Team
www.closeoption.com
