The Euro continues to push up against the 1.26 level, as this level has already reinforced itself as one of significance and one that continues to loom large. The fact that the Euro isn’t fading away from 1.26 and continues to place pressure on the level, suggests that a break through this level shouldn’t be a surprise. For the most part of the last couple of weeks, the Euro has traded within a narrow range between 1.25 and 1.26.
Over the course of the last day, it has returned again and found solid support at 1.2500 only to quickly return back to continue its assault on the 1.26 level. The more medium term key levels at 1.24 and 1.27 continue to be a factor. (Daily chart / 4 hourly chart below)
daily chart
4 hourly chart
EUR/USD |
  Sep 6 at 00:05 GMT |
| 1.2595/96 | Â Â H: 1.2624 | Â Â L: 1.2501 |
| S3 | S2 | S1 | R1 | R2 | R3 |
| 1.2500 | 1.2400 | 1.2300 | 1.2600 | 1.2700 | — |
EUR/USD Technical
- During the early hours of the Asian trading session on Thursday, the Euro/dollar has continued to do little as it has traded right around the key 1.26 level.
- Over the last couple of weeks, the 1.25 level has demonstrated it is a solid support level, however equally the 1.26 level has reinforced itself as a level of significance as it contines to fend away buyers.
- 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 between 1.25 and 1.26.
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 and in the short term above 1.25, then a return back to prices approaching 1.2000 will be less likely.
September 6
- AU 1:30 (GMT) Employment (Aug)
- EU 9:00 (GMT) GDP (2nd Est.) (Q2)
- GR 9:00 (GMT) Unemployment (Jun)
- EU 11:45 (GMT) ECB – Interest Rate (Sep)
- US 12:15 (GMT) ADP Employment Survey (Aug)
- US 14:00 (GMT) ISM Non-Manufacturing (Aug)
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