EUR/USD tech levels 18 April
Yet again we see this pair looking for a home. Since the early year, positive expectation rally got smashed on the rocks the market is not overly keen to take the pair in any meaningful direction. The European economy is in recession/flat lining and I feel that everyone is waiting for everyone else to do something. But, the market still moves and there’s still money to be made even if it’s hard to justify the moves sometimes.
On the upside we’ve run into pressure at the 1.3200 level. We went up on virtually nothing of note and when the impetus ran out, plus Mr Weidmanns comments, we soon turned tail.
On the weekly chart we can see the 50 fib level from the Jan/Mar hi/lo at 1.3227 and the 100 ma at 1.3240 this is also paired with fairly strong resistance at 1.3235/40. Below we have the strong bids, as Mike pointed out, at 1.3000. Further below we have the 55 ma at 1.2890 and the lower trend line way down at 1.2800.
Closer to home on the Daily chart we have the 55 ma at 1.3107 and the 100 ma at 1.3147 with Mikes bids at 1.3155. Below is the 200 ma at 1.2910 ahead of strong support at 1.2900
Coming in further, on the H4 chart we have the 100 & 200 ma looking to converge around the 1.2960/70 region and the 55 ma keeping a lid on the upside for the moment.
So with 1.3000 holding up and with nothing to note on the calendar until this afternoon, I see the market going to sleep barring any tape bombs. When it’s quiet like this more emphasis can be put on trading the shorter timescaled tech levels.
