FxWirePro: Short term trends, key supports/resistances and trend changing levels of euro based pairs

In this article, we would discuss short-term trends, key support resistances, and the key trend (short-term) changing levels of the euro-based pairs based on one of our models ahead of ECB rate decision. We expect these sets of information to come in handy to our readers,

• EUR/USD –

The EUR/USD is in a medium-term bull trend since it formed the last bottom around 1.05 area and cleared resistance around 1.16 area. This is a key short-term support level. Three resistances lie ahead at 1.226, 1.258, and at 1.289. The medium-term bull trend would change if euro dips below 1.14. The pair is currently trading at 1.181

• EUR/GBP –

This pair just entered a short-term bear trend as it made a double top around 0.9 area and slipped below 0.88. The key resistance lies around 0.896, and 0.903 area. It is also the trend changing level. Next support for the pair is around 0.875 and the most vital lies around 0.835 area. The pair is currently trading at 0.893

• EUR/JPY –

This pair is continuing its bull trend, however, bulls are weakening. Key resistance for the pair lies at 135 area. Next major resistance is around 140.6. The support lies at 132, and at 128, a break of which could lead to larger decline. The pair is currently trading at 134.2

• EUR/AUD –

This pair has just entered a short-term bull trend as it cleared 1.523. Key support lies around 1.48. The next support lies around 1.445. The resistances are quite far away; first one at 1.555 and the next one at 1.6 area. The pair is currently trading at 1.531

• EUR/NZD –

This pair is in a bull trend as it cleared 1.62 area. It has also cleared a crucial resistance around 1.525. The next resistances lay around 1.8 area. The support is around 1.685, and around 1.64. It is also the trend changing level. The pair is currently trading around 1.719

• EUR/CAD –

This pair is in a bull trend as it cleared 1.4 area. The crucial support is around 1.447. The immediate support lies around 1.478 area. The resistance is around 1.525. It is also the trend changing level. The pair is currently trading around 1.511

Kindly note due to heavy distortion in the franc during January 2015, this model can’t reliably predict right levels, hence we are avoiding all franc based pairs for this model.