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Still Trading Below The Bear Channel Top

EURUSD TECHS
  • RES 4: 1.0954 High Apr 11
  • RES 3: 1.0936 High Apr 21 and a key resistance
  • RES 2: 1.0852 High Apr 22
  • RES 1: 1.0778/87 Bear channel top from Feb 10 high / High May 30
  • PRICE: 1.0720 @ 15:52 BST Jun 3
  • SUP 1: 1.0627/0533 Low Jun 1 / Low May 20
  • SUP 2: 1.0461 Low May 18 and19
  • SUP 3: 1.0350 Low May 13 and bear trigger
  • SUP 4: 1.0341 Low Jan 3 2017 and a key support

EURUSD has stabilised and the pair recovered Thursday and held most of the gains into the Friday close. Price remains below the top of a bear channel drawn from the Feb 10 high. The channel top intersects at 1.0778 Thursday and this level marks a key short-term resistance. A break would strengthen bullish conditions and highlight a stronger short-term reversal. The primary trend is down and an extension lower would reinforce a bearish theme and open 1.0533 initially, May 20 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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