EUR / USD - Lacking Direction

January 23, 2013

Over the last few days, the Euro has been placing pressure on the key 1.33 level which has been able to hold up reasonably well so far.   Just prior to this, the Euro ran into a brick wall of supply at 1.34 which was a previous resistance level earlier last year. After falling from the resistance level at 1.34 a couple of weeks ago, the Euro did track down through the support at 1.33 a little however it was quickly bought up at prices above 1.3260, as it has been again in the last 24 hours.  During this last couple of weeks, the Euro has been trading back and forth between these two key levels of 1.33 and 1.34 and now appears to be waiting for some direction.

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, although it appears as if pressure is mounting on this level.  Where to from here?

(Daily chart / 4 hourly chart below)

 

Publication source
OANDA information  OANDA reviews

January 16, 2017
GBP under pressure ahead of May speech
A speech from Theresa May is one of the key events for financial markets this week and certainly the most relevant for the British pound. Primie Minister is about to deliver a speech on UK’s stance and conditions ahead of the triggering article 50 and beginning the Brexit negotiations...
January 13, 2017
Yellen (Fed) with a neutral message but USD starts to fight back
USD was taking damage from the Wednesday Donald Trump specch until yesterday evening. Lack of details on economic and fiscal agenda at the first press conference of the president-elect caused a correction on equities boosted since the US elections...
January 12, 2017
Are OPEC cuts going to be in vain?
As OPEC and its biggest partner Russia have agreed to curtail Oil output prices, this offers the strongest catalyst of recovery since the start of the fight for market share back in 2014. Despite the initial market “hurrah” which helped the prices to get over the $50 mark...

Trade360 Rating
FXCM Rating
Grand Capital Rating
Fort Financial Services Rating
OctaFX Rating
Z.com Trade Rating

Empire Option Rating
IQ Option Rating
Porter Finance Rating
Anyoption Rating
OptionBit Rating
OptionsXO Rating