The currency pair EURUSD holds on its previous level of resistance at 1.3160

During the last week the Euro had a firm support at the levels of 1.28 and 1.29 that helped it to move higher at 1.32. At the middle of September the currency had resistance at the level of 1.3170 that made it go lower at 1.28. Last month the Euro had a kind of bearish behavior reaching for the second time its peak of 1.32. The level of 1.28 appeared as major during the last month.

In the last ten days, it could be observed a certain uptrend of the Euro from the level of 1.28 up to 1.30. After its peak of 1.32 during the last month, the currency formed a descending triangle with support level at 1.28. However, this currency state is no longer topical after its movement during the last week. And yet the level of 1.28 remains essential. The Euro is likely to test again this point, moving away from the resistance level above 1.3150.

EURUSD, 4 hourly chart
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