EUR / USD – Trying to Hold On to the Key Level of 1.33

January 17, 2013

As expected, the Euro ran into a brick wall at 1.34 which was a previous resistance level earlier last year. In doing so however, this pushed the Euro up into territory not seen in nine months. The Euro finished last week very strongly surging up through the resistance level at 1.33 that had established itself over the last month or so and this level has resurfaced in the last day providing much needed support.  In the last couple of days however, the Euro has tracked down through 1.33 a little however it has been quickly bought up at prices above 1.3260.  In the daily chart, the Euro is presently forming a doji pattern representing indecision and this can often be a reversal signal.

Back in the middle of December, the Euro established a neat trading range trading between the significant level at 1.3150 and 1.33, after having broken through the resistance level around 1.3150. It eventually broke down through the support level at 1.3150 earlier this month moving sharply back to the round price level at 1.30. This level stood up and provided strong support for the Euro which resulted in the strong push higher to end last week.

Both 1.33 and 1.34 remain current key levels although the former level is the most significant presently as the Euro is trying to hold on to it.

(Daily chart / 4 hourly chart below)


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