EUR / USD - 1.34 Pushes Away Yet Again

January 25, 2013

In the last 24 hours, we have seen the Euro push higher again however it has yet again been pushed away by excess supply anywhere near the key 1.34 level.   It has continued to trade within a narrow range and up until the last day, it had sat right on top of the key support level at 1.33.   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 and has provided a solid base for its recent surge higher.   A couple of weeks ago, the Euro ran into a brick wall of supply at 1.34 which was a previous resistance level earlier last year which has emerged again in the last 24 hours providing stiff resistance and forced price to retreat a little.    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 has provided solid support again as it has done previously, whilst the 1.34 level has been called upon within the last 24 hours.

(Daily chart / 4 hourly chart below)

 

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