Good morning, traders, the team is here with Thursday’s Support and Resistance Level Report.
We start with trader’s favourite pair, the Euro/Dollar, which stands between R1 of 1 1610 and S1 of 1 1580.
R1 is the most confirmed resistance line with 19 studies, and R2 is a 100 day moving average with 3 models. A 50 day moving average is the only match for R3. S1 leads in support with 9 studies, while S3 is backed up by a psychological level, a 150 day moving average and 2 other studies. Price Channel Indicator Lower Line is among the 3 models for S2. The Cable is trading in the range limited by R1 of 1 3160 and S1 of 1 3120.
The lowest resistance line sees 5 confirmations, and R2 is a 20 day moving average with 4 studies. Standing at a 50 day moving average, R3 has found 3 matches. S2 is supported by Bollinger Lower Band, Price Channel Indicator Lower Line and 5 other technicals, and S1 sees 3 confirmations. S3 has found 2 matches, namely, a 150 day moving average and a psychological level.
Dollar/Yen has the closest levels of 113 70 in resistance and 113 40 in support. R1 leads in resistance with 11 studies, and R2 has found 3 matches, including Price Channel Indicator Upper Line and Bollinger Upper Band. R3 is a psychological level with 2 models. S1 counts a 20 day moving average among its 3 studies, and S3 is backed up by Price Channel Indicator Lower Line, a 100 day moving average and another model. S2 is a 50 day moving average with 2 matches.
And Dollar/Swiss Franc is still trading below R1 of 1 and above S1 of 0 9970. By now, R1 is confirmed by no less than 25 models, including a major psychological level, whereas Price Channel Indicator Upper Line is among the 7 studies for R2. R3 is backed up by Bollinger Upper Band, a 6 month high and 3 other studies. S1 leads in support with 12 models, and the lower two lines have found 2 matches each, including a 20 day moving average for S2 and a 150 day moving average for S3.
This article was originally posted on FX Empire