EUR / USD - Continuing to Bounce Between 1.33 and 1.34

January 21, 2013

As expected, last week the Euro has run into a brick wall of supply at 1.34 which was a previous resistance level earlier last year.   A couple of weeks ago, the Euro finished the week very strongly surging up through the resistance level at 1.33 that had established itself over the last month or so.   After falling from the resistance level at 1.34, the Euro did track down through the support at 1.33 a little however it was quickly bought up at prices above 1.3260.  In the daily chart, the Euro formed a doji pattern representing indecision and this can often be a reversal signal.  In the last few days, the Euro surged higher off the back of the support at 1.33 and pushed back within reach of the other key level at 1.34 before finishing the week falling back to 1.33.

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 a couple of weeks ago.

Both 1.33 and 1.34 remain current key levels and the former is presently providing support again as it has done previously.

(Daily chart / 4 hourly chart below)

EURUSD Technical Analysis Daily Chart.

EURUSD Technical Analysis Candlestick 4 Hour Chart.
 

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