TECHNICAL ANALYSIS

EUR / USD is not doing much to kick off the new week, what levels to watch?


EUR / USD increases a bit to start the session but remains little changed on this day

EUR / USD H1 17-08

Price action is holding above major hourly moving averages, suggesting buyers are under control in the near term, but gains are limited by Thursday’s high at 1.1865 for now.

Today’s low hit 1.1829 but isn’t getting much, with major hourly moving averages still seen around 1.1803-10. Stay above and buyers still have control in the short term, while sellers will have to try to come back below this region to build more momentum.

Overall, not much is happening so far as prices continue to consolidate for the most part. The big picture still indicates that we are stuck between the 1.1700 and 1.1900 levels over the past three weeks.

As such, these are the key extremes to look out for for any major move this week.

Currently there is some resistance around 1.1865, but the 1.1900 grip will be the key to watch in case the upward momentum spreads from here.

On the downside, key hourly moving averages @ 1.1803-10 will be the first near-term support region to watch before looking towards Friday’s low @ 1.1782.

Beyond that, additional support can be seen closer to the region around 1.1711-22 as well as the 1.1700 grip, with the latter being the main downside support to note.
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