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EURUSD - Returns to Trading Range Below 1.15 as Draghi Warns on Growth

 

 
In the last week or so the EURUSD has dropped from a three month high near 1.1570 and returned back below the key 1.15 level. For the last couple of months now the EURUSD has been content to trade within a narrow range enjoying support from the other current key level of 1.13 and meeting resistance at the 1.15 level. It is interesting to note that its recent excursion above 1.15 didn’t last long as it was quickly sold down at those three month highs.
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Market Recap: 2 - 4 January

 

 
On Wednesday last week we covered the AUDUSD which since writing, had a ridiculously volatile finish to the week moving violently within a two hour window. The move saw it fall to its lowest level in many years below 0.67. As quickly as it fell, it was bought up strongly moving it back slowly towards to the key 0.7050 level. This level propped up the currency pair well throughout October. The AUDUSD finished the week back above this level at a two week high. The next key level of 0.7150 is back within the picture as this may provide some resistance should the AUDUSD continue to rally higher.
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EURUSD - Drops Sharply But Eyes Off Support from 1.13 Level

 

 
The EURUSD has been content to trade within a narrow range for the last month or so enjoying support from the current key level of 1.13 and moving up to touch the 1.15 level in the last 24 hours. In the last 24 hours however, the EURUSD has fallen sharply in its largest fall in several months however it will be eyeing off the support at 1.13 again. The 1.13 level has become quite significant of late, and even though it has fallen through this level a few times, it was quickly pushed higher through strong buying which will provide some confidence that the 1.13 level will provide strong support should the EURUSD attempt to decline again.
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Market Recap: 10 - 14 December

 

 
On Tuesday last week we covered the GBPUSD and the key level at the time and remains 1.27.To start last week the GBPUSD fell sharply to its lowest levels in almost two years as the strong support at 1.27 gave way to immense selling pressure.In the week prior the sterling was again enjoying much needed support from this level as it had firmly established as a key support level as the currency pair had enjoyed considerable support from this level on several occasions in the last few months.
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EURUSD - Enjoys Support from 1.13 Level as ECB Takes a Back Seat

 

 
The EURUSD has been content to trade within a narrow range for the last few weeks enjoying support from the current key level of 1.13 and moving up to 1.14. The former level of 1.13 has become quite significant of late, and even though it fell through the 1.13 level several weeks ago, it was quickly pushed higher through strong buying which will provide some confidence that the 1.13 level will provide strong support should the EURUSD attempt to decline again. After dropping through the 1.13 level, the EURUSD did well to rally higher from its lowest levels in 16 months back up towards 1.15 before easing in the week afterwards. Likewise the 1.15 level has become key of late providing stiff resistance and looming above ready to push prices lower.
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Market Recap: 26 - 30 November

 

 
On Tuesday last week we covered the EURUSD and the key level at the time at the time was the 1.13 level. After rallying strongly off this level earlier last week, it has since reversed and found solid support again, reinforcing how significant this level is presently. A few weeks ago the EURUSD did well to rally higher from its lowest levels in 16 months back up towards 1.15 before easing in the last couple of weeks. Even though it fell through the 1.13 level a few weeks ago, it was quickly pushed higher through strong buying which will provide some confidence that the 1.13 level will provide some support should the EURUSD continue to decline. Likewise the 1.15 level has become key of late providing stiff resistance and looming above ready to push prices lower.
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EURUSD - Eases Towards Key 1.13 Level as Draghi Not Concerned about Slowdown

 

 
In the last week the EURUSD has eased slightly back towards the key level of 1.13 again which has become quite significant of late. The EURUSD did well to rally higher from its lowest levels in 16 months back up towards 1.15 before easing in the last week. Even though it fell through the 1.13 level a few weeks ago, it was quickly pushed higher through strong buying which will provide some confidence that the 1.13 level will provide some support should the EURUSD continue to decline. Likewise the 1.15 level has become key of late providing stiff resistance and looming above ready to push prices lower.
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EURUSD - Support at 1.13 Gives Way after Draghi Comments

 

 
In the last week the EURUSD has fallen strongly after reversing at the key 1.15 level which saw it trade to its lowest levels in 16 months. In doing so it moved through the reliable support level at 1.13 and this level is now likely to provide some resistance as the EURUSD attempts to regain some of the lost ground. In the week prior the EURUSD did well to surge higher off support at the key 1.13 level after having fallen strongly over the last few weeks from above 1.16. Only several weeks earlier the EURUSD fell strongly from multi month highs above 1.18 down to the key support level at 1.15.
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EURUSD - Enjoys Much Needed Support from Key 1.13 Level

 

 
In the last 24 hours the EURUSD has surged higher off support at the key 1.13 level after having fallen strongly over the last few weeks. It had reversed from a two week high above 1.16 and started its decline back to the key level of 1.15 before continuing lower. You would likely expect the 1.15 level to provide some resistance should the EURUSD continue to rally higher. Only several weeks earlier the EURUSD fell strongly from multi month highs above 1.18 down to the key support level at 1.15. It also reversed strongly and rallied back above the 1.15 level several weeks ago. The 1.17 has posed significant resistance as expected and likewise the 1.15 level has now provided support on several occasions.
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EURUSD - Continues to Clasp to Support from Key 1.15 Level

 

 
In the last week or so the EURUSD has reversed from a two week high above 1.16 and fallen back lower below the current key level of 1.15. To finish out last week the EURUSD did reverse again and rally higher to back above the 1.15 level where it continues to attempt to stay above. Only several weeks earlier the EURUSD fell strongly from multi month highs above 1.18 down to the key support level at 1.15. It also reversed strongly and rallied back above the 1.15 level a couple of weeks ago. The 1.17 has posed significant resistance as expected and likewise the 1.15 level has now provided support on several occasions.
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