James Hyerczyk
Add to Bookmarks

Daily EUR/USD Technical Analysis


The EUR/USD is ping-ponging between a pair of 50% levels today. The main range is 1.2500 to 1.2791. The 50% level of this range at 1.2747 is resistance.

Know where EUR/USD is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

The short-term range is 1.2500 to 1.2791. Its 50% level is 1.2646. This level is currently being tested.

The nearest uptrending support angle comes in at 1.2640. If this angle fails then look for the break to continue into the next pair of angles at 1.2570 and 1.2535. These are the last support angles before the October 3 bottom at 1.2500.

On the upside, the resistance is the retracement zone at 1.2747 to 1.2805. A downtrending angle at 1.2570 passes through this zone, making it a valid upside target also. A breakout over 1.2805 will also mean the market is on the bullish side of an uptrending angle at 1.2780. Both of these moves will indicate strong short-covering is taking place.

Hourly EUR/USD Technical Analysis

Hourly EUR/USD

The main trend is down on the hourly chart. The main range is 1.2500 to 1.2791. The 50% level of this range is currently being tested at 1.2646. A failure to hold this level could trigger a sharp break into the Fibonacci level at 1.2611.

If the downside momentum is strong enough to take out 1.2611 then look for the selling pressure to continue with 1.2605 the next target. A failure at 1.2605 will likely trigger a further decline into the main bottom at 1.2500 over the near-term.

Holding 1.2646 will indicate that buyers are coming in to defend the downside. If the buying is strong enough to trigger a short-covering rally then look for the EUR/USD to rally back to the short-term retracement zone at 1.2698 to 1.2720.

Trader reaction to 1.2646 should set the tone into the close. 

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker