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)

 

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