The 1.0500 level is back in the spotlight
If you cast your minds back to last, week I spoke about the 1.0500 level being important for the direction of the euro. Well, here we are again very close to the level.
EURUSD 15m chart
1.0510 is where we're seeing support ahead of the big figure and we have moving average support from just above there, down to around the 1.0470/85 area.
200 M30 ma & 100 H1 ma 1.0502
200 H1 ma 1.0488
55 H4 ma 1.0486
100 H4 ma 1.0470
The moving averages have also kept the price in check on the upside.
200 M15 & 100 M30 ma 1.0558
55 H1 ma 1.0556
200 H4 ma 1.0552
55 M30 ma 1.0548
What's also special about the 1.0510 level? It's the 38.2 fib of the 3rd Jan low. Ordinarily I wouldn't have that fib on my chart as I don't usually look at such short term fibs but in this case it adds even more to the support picture.
If the euro stays pretty quiet then this is an almost perfect technical set up to trade, with both high and low levels well defined, and where your trading risk can be kept to a minimum.
