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EURUSD Analysis: Key Support and Resistance Levels to Watch
The EURUSD pair is currently testing the 1.0789 support level once again. A breakdown below this level would suggest that the upside move from 1.0694 has concluded at 1.0887. In such a scenario, the next target levels would be at 1.0750, followed by 1.0694.
However, if the 1.0789 support level holds, the pullback from 1.0887 could potentially be a consolidation phase for the uptrend from 1.0694. In this case, another rise towards the 1.0950 level is still possible after the consolidation.
The initial resistance level is at 1.0840. A breakthrough of this level could potentially take the price to the next resistance level at 1.0887. Above this level, the price could aim for 1.0950.
EURUSD Analysis: Sideways Move Continues, Key Levels to Watch
The EURUSD pair failed to break below the 1.0789 support level and has been moving sideways within a trading range between 1.0789 and 1.0887. This suggests that the pair is still in the uptrend from 1.0694, and the sideways move is likely a consolidation phase for the uptrend.
As long as the 1.0789 support level holds, the upside move could be expected to resume. A breakthrough of the 1.0887 resistance level could trigger further upside movement towards the 1.0950 area.
On the downside, a breakdown below 1.0789 would confirm that the upside move from 1.0694 has already completed at 1.0887. In this case, the next target would be at 1.0750, followed by 1.0694.
EURUSDÂ 4h
Resistance at 1.08500 – if rejected at it, we are going in maybe not very deep correction, but still a correction phase for at least 24h.
But if 1.08500 gives a way, just to be stopped at either 1.08650 or 1.08900, we are going slowly to turn Down.
Support at 1.08300 and 1.07850 – bellow which we target 1.07000 and the whole previous Up move becomes questionable.
Close tonight above 1.08300 calls for retest of previous high, but not more than that…and that is my experience, instincts and pattern recognition talking.
