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On Tuesday EURO rose to 1.2576 against USD after yields on Spanish borrowing cost fell sharply in an auction. The pair closed at the highest level of 1.2564 since early July and just below 38.2% Fibonacci Retracement Level of its move from 1.3357 to 1.2042.
On Wednesday, EURO held steady against the USD, close to the seven week high hit last week. The pair is currently quoting at 1.2563.
On the upside 1.2590 – 1.2595 zone, the 38.2% retracement level, continues to act as strong resistance for the currency pair.
The upper trend-line of the ascending channel, visible on daily charts, near 1.2620 – 1.2625 zone is likely to act as immediate resistance for the currency pair, above the 38.2% retracement level.
Should the pair decisively move above 1.2610 – 1.2615, indicating a breakout above the ascending channel, a further appreciation for the currency pair towards 1.2750 levels is likely to get confirmed.
On the downside, 1.2480 – 100-day SMA, may now act as important support for the currency pair, below 1.2510 – 1.2520 intermediate support zone.
Should the pair decisively break below the 100-day, downside momentum for the currency pair is likely to continue towards 23.6% retracement level and the pair may test sub 1.2400 support zone, representing the lower trend-line support of the ascending channel.
Intraday Important Technical Levels
Support 1 – 1.2532 Resistance 1 – 1.2594
Support 2 – 1.2484 Resistance 2 – 1.2636
Support 3 – 1.2441 Resistance 3 – 1.2687
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