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EUR/USD at Critical Support Levels, Next Support Could Be 1.25 |
| | | The EUR/USD is at a point forex traders will want to watch very closely this week, both on the daily chart and the hourly chart. 
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The chart below shows the daily chart for the last six months or so, and we see that the pair has been consolidating inside this descending triangle, a typical consolidation pattern. (Learn more about Continuation Patterns here.)
As I write, the pair has reached an important point in our Fibonacci retracement study as well. We're right at the 23.6% level, where we'll want to watch closely to see if we get a bounce, or a break through. A bounce means we're likely headed back up toward resistance around 1.36, but a break through support leaves support at our previous recent low in the 1.25 range.
While that's a look at the daily chart, a move to the hourly chart shows similar support levels at a crossroads. In the chart below we can see two different trends, in two different time-frames (one a little longer-term), but both show the pair finding itself at support, solidifying our analysis from the daily chart.
Next: Support and Resistance Levels or click on the flags below for charts for each pair.
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