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: 1.015
• First key support level of USD/CHF: 0.948014
• First key support level of GBP/USD: 1.2012
• First key support level of USD/JPY: 133.903453
The EUR/USD and downward price channel
If the support band of 1.012195 – 1.010679 is not maintained, it potentially could fall and reach the important level of 1.0000 again. In general, during the last four weeks, the resultant price has risen, which indicates that sellers’ transactions have been liquidated and some buyers have entered, which is well stated in the previous candlestick (in the monthly period) with the formation of a long lower shadow. From a long-term point of view, if the downward price channel is broken, a better bullish signal will be issued, and buyers will look for suitable buying opportunities within the resistance line of the channel.
In the examination of shorter periods such as 4 hours, price with the formation of an ideal hammer candlestick pattern in the range of the support level of 1.012195 has issued a warning of the formation of a price floor and a further rise in the price. If the current support floor is maintained, the price will have the potential to rise and reach the resistance level of 1.026 and the next step up to 1.035.
Join Our Community Now!