EURUSD has finally cleared the major long-term support at 1.1500 dollars. The euro is now at 15-month lows against the dollar.
But will 1.1500 be a strong resistance?
That’s not always easy to predict but if the level holds, EURUSD is on track to test supports at 1.1380 and then 1.1235 dollars.
Dropping down to the H4 chart, we can see the euro is facing some intraday bid interests around 1.1425 dollars. Whether or not the sentiment holds in the sessions to come, the main intraday target is now 1.1290 dollars.
The downside target in the H1 is even more lenient: the euro only needs to cross 1.1410 dollars and touch 1.1325 before any trend change can be expected.
In all the above charts, the 60-bar MA is sloping downwards with price action currently below the moving average, signaling a strong euro-bearish sentiment underway.
The targeted support and resistance levels are in the latest colored boxes on the respective charts.
Price action would have to cross their respective colored zones to confirm any meaningful change or extension in trend.
As always, all prior support and resistance lines were still respected and will likely continue to be.
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All displayed chart support/resistance lines are either historical levels or actual confirmed order book levels currently being traded by major players based on available market intelligence.
Disclaimer: This content is for educational purposes only. It does not constitute trading or investment advice. Past performance does not indicate future results. Do not invest more than you can afford to lose.
