The EURUSD pair remains a focal point for traders and investors due to its volatility and importance in global markets. In this EURUSD technical analysis, we explore crucial support and resistance levels, as well as trends shaping the currency pair’s behavior in the near term. ???
One of the most critical levels for EURUSD is the long-term support established between 2017 and mid-2022 at approximately 1.0340. This key level was pierced briefly on November 22, 2024, but it has since regained its strength. Additionally, a double bottom formed on December 18 and December 20, 2024, solidifies this zone as a critical line in the sand. ???
Near-Term Guidance Levels for the Euro and Dollar Pair ???
For closer guidance, the 4-hour EMA sits at 1.0414, while the VWAP from the recent December 20 low is slightly below at 1.0409. These two levels form an immediate zone of interest, with the current price hovering just above them. Should the price breach these levels, the next support lies at the low of December 24, 2024, around 1.0384. ???
The zone around 1.04 acts as an important technical area. If breached, it may pave the way for a retest of the 2017 low. On the upside, a bounce from this zone could reinforce bullish sentiment in the short term. ???
On the upside, a notable resistance range lies between 1.0460 – 1.0470. This level has the potential to attract partial profit-taking as it coincides with recent price highs. Further bullish momentum beyond this resistance may indicate the formation of a bear flag, extending the recovery from the December 18 low. ???
While not immediately in play, parity at 1.0000 remains a critical psychological barrier for EURUSD. If the price breaches the 2017 low decisively, this level will likely become a focal point for traders and institutions alike. ???
Support Levels:
? 1.0384: December 24 low.
Resistance Levels:
? 1.0000: Long-term psychological magnet.
Stay tuned for more updates on EURUSD technical analysis and insights into the evolving market trends. ???
This article was written by Itai Levitan at www.forexlive.com. Read More Details
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