Support & Resistance
Support and Resistance on EUR/USD
February 2, 2010
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Chart Analysis
Looking at the EUR/USD daily we can see that we have possible resistance coming up around 1.4075. So if and when you are long EUR/USD and the market is around this resistance level please beware that the market could turn to the south.
We will see the market most likely staying within the resistance level of 1.4075 and the support level of 1.3860. This is vital parameters because we can take advantage of the moves between these two levels.
Analysis
When we as traders know where the support and resistance is on the larger time frames then we are able to use other strategies to trade in between. For example if I believe we are going to be in an up swing, then I will look to exit before the resistance levels. This is key to success in trading the forex.
Market Forecast
2 TUE
February 2010
| EUR/UD | GBP/USD | USD/JPY | USD/CHF | USD/CAD | AUD/USD | NZS/USD | |
|---|---|---|---|---|---|---|---|
| Resistance 3 | 1.4397 | 1.6377 | 91.22 | 1.0420 | 1.0313 | .9320 | .7438 |
| Resistance 2 | 1.4392 | 1.6410 | 91.18 | 1.0384 | 1.0292 | .9318 | .7435 |
| Resistance 1 | 1.4386 | 1.6515 | 91.05 | 1.0291 | 1.0277 | .9289 | .7399 |
| Current Price | 1.4293 | 1.6352 | 91.10 | 1.0329 | 1.0330 | .9213 | .7380 |
| Support 1 | 1.4365 | 1.6210 | 90.61 | 1.0249 | 1.0239 | .9203 | .7358 |
| Support 2 | 1.4334 | 1.6062 | 90.59 | 1.0244 | 1.0223 | .9173 | .7350 |
| Support 3 | 1.4263 | 1.5895 | 90.23 | 1.0219 | 1.0205 | .9169 | .7328 |
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