EUR / USD – Technical Analysis – All Quiet

Since yesterday, the Euro has been very quiet as many seem to be waiting around for Friday. Having recently broken through the medium term resistance level at 1.24 and in doing so completing the ascending triangle it had been forming for the last month, the EUR/USD has done well to maintain its price comfortably above the key 1.24 level. This level is now likely to become a support level as it was back in June, although over the short term, the 1.25 level appears to be holding it up well as it presently hovers around 1.2530. (Daily chart below)

EUR/USD Technical

• During the early hours of the Asian trading session on Thursday, the Euro/dollar has been quiet and trading very flat as it hovers around 1.2530.
• Short term, the 1.25 level is likely to offer some support and the 1.24 is likely to offer support over the medium term having previously been a strong resistance level for several weeks.
• Current range: Maintaining above 1.2400 and in the short term, sitting above 1.25.  Will the Euro trade between 1.24 and 1.27 for the foreseeable future?

Further levels in both directions:

• Below: 1.2400, 1.2300, and 1.2150.
• Above: 1.2600 and 1.2700.

• Should the Euro/dollar be able to maintain its price above the present significant level at 1.2400, then a return back to prices approaching 1.2000 will be less likely.

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