In the UK, we celebrate the Gun Powder plot with fireworks every November 5th, when Guy Fawkes and a group of men attempted to blow-up the houses of parliament in 1605.
There is a poem, written by John Milton in 1626, that starts ‘Remember, Remember, the 5th of November’ and EURUSD traders might do well to keep this in mind, although here, we are only referring to the 1.0937 high for the currency pair posted on November 5th 2024.
It was on this day EURUSD traded to a high of 1.0937, from which a sharp 6.95% sell-off in price materialised, into 1.0177, the January 13th 2025 low.
After seeing such a failure and price rejection from this 1.0937 high, it may well now be viewed by traders as a potentially important resistance level to be monitored on a closing basis.
EURUSD Price Action in March
Having seen a successful closing break on March 4th 2025 above what was an important resistance area at 1.0533/34 (December 17th 2024 and January 27th 2025 highs), EURUSD has enjoyed a sustained phase of price strength, a move that on Tuesday traded to an intraday high of 1.0947, but then failed to close above the 1.0937 resistance we have identified.
This means, the level is still intact on a closing basis and could therefore be an area that might continue to be important to watch over coming trading sessions.
Potential Support Levels To Watch If a Dip Materialises
Since the latest upside move began on February 28th 2025, EURUSD has seen a strong advance with no significant downside correction in price, meaning, as yet, there has been no attempt to unwind the current upside extremes.
It is possible traders may view the 1.0937 resistance, as an area to revert to the side-lines and await a sell-off in price, with the view to perhaps re-enter longs at a lower level against potential support levels.
Potential Support
The first level to watch could be the weeks current low posted on Monday, which stands at 1.0805. This may well be viewed as a possible support again, having seen a strong rally develop from it so far this week.
However, it is perfectly normal after such a sustained advance, that prices may see deeper declines. This is where we look to use Fibonacci retracements, and the 38.2% Fibonacci retracement of the February 28th to March 11th advance stands at 1.0721. This could potentially prove to be a stronger support level, if a deeper decline materialises over coming sessions.
What if the Resistance At 1.0937 is Broken?
As the chart above shows, if successful upside closing breaks of 1.0937 develop, it may lead to a more sustained phase of price strength. The next resistance level could then prove to be 1.0997, which was the October 8th 2024 high, and if this level were to give way on a closing basis, then possibly a move to the September 25th 2024 high at 1.1214 could be seen.
The material provided here has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Whilst it is not subject to any prohibition on dealing ahead of the dissemination of investment research, we will not seek to take any advantage before providing it to our clients.
Pepperstone doesn’t represent that the material provided here is accurate, current or complete, and therefore shouldn’t be relied upon as such. The information, whether from a third party or not, isn’t to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product or instrument; or to participate in any particular trading strategy. It does not take into account readers’ financial situation or investment objectives. We advise any readers of this content to seek their own advice. Without the approval of Pepperstone, reproduction or redistribution of this information isn’t permitted.
There is a poem, written by John Milton in 1626, that starts ‘Remember, Remember, the 5th of November’ and EURUSD traders might do well to keep this in mind, although here, we are only referring to the 1.0937 high for the currency pair posted on November 5th 2024.
It was on this day EURUSD traded to a high of 1.0937, from which a sharp 6.95% sell-off in price materialised, into 1.0177, the January 13th 2025 low.
After seeing such a failure and price rejection from this 1.0937 high, it may well now be viewed by traders as a potentially important resistance level to be monitored on a closing basis.
EURUSD Price Action in March
Having seen a successful closing break on March 4th 2025 above what was an important resistance area at 1.0533/34 (December 17th 2024 and January 27th 2025 highs), EURUSD has enjoyed a sustained phase of price strength, a move that on Tuesday traded to an intraday high of 1.0947, but then failed to close above the 1.0937 resistance we have identified.
This means, the level is still intact on a closing basis and could therefore be an area that might continue to be important to watch over coming trading sessions.
Potential Support Levels To Watch If a Dip Materialises
Since the latest upside move began on February 28th 2025, EURUSD has seen a strong advance with no significant downside correction in price, meaning, as yet, there has been no attempt to unwind the current upside extremes.
It is possible traders may view the 1.0937 resistance, as an area to revert to the side-lines and await a sell-off in price, with the view to perhaps re-enter longs at a lower level against potential support levels.
Potential Support
The first level to watch could be the weeks current low posted on Monday, which stands at 1.0805. This may well be viewed as a possible support again, having seen a strong rally develop from it so far this week.
However, it is perfectly normal after such a sustained advance, that prices may see deeper declines. This is where we look to use Fibonacci retracements, and the 38.2% Fibonacci retracement of the February 28th to March 11th advance stands at 1.0721. This could potentially prove to be a stronger support level, if a deeper decline materialises over coming sessions.
What if the Resistance At 1.0937 is Broken?
As the chart above shows, if successful upside closing breaks of 1.0937 develop, it may lead to a more sustained phase of price strength. The next resistance level could then prove to be 1.0997, which was the October 8th 2024 high, and if this level were to give way on a closing basis, then possibly a move to the September 25th 2024 high at 1.1214 could be seen.
The material provided here has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Whilst it is not subject to any prohibition on dealing ahead of the dissemination of investment research, we will not seek to take any advantage before providing it to our clients.
Pepperstone doesn’t represent that the material provided here is accurate, current or complete, and therefore shouldn’t be relied upon as such. The information, whether from a third party or not, isn’t to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product or instrument; or to participate in any particular trading strategy. It does not take into account readers’ financial situation or investment objectives. We advise any readers of this content to seek their own advice. Without the approval of Pepperstone, reproduction or redistribution of this information isn’t permitted.
Global risk Warning CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading in CFDs. You should consider whether you understand how CFD
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Global risk Warning CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading in CFDs. You should consider whether you understand how CFD
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.