Free Trial

Bear Channel Top Still Intact

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: 1.0751/87 Bear channel top from Feb 10 high / High May 30
  • PRICE: 1.0739 @ 15:46 BST Jun 8
  • 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 remains below recent highs. The focus is on key short-term resistance defined by the top of a bear channel drawn from the Feb 10 high. Channel resistance intersects at 1.0760 today. A break would strengthen bullish conditions and highlight a stronger short-term reversal. Note that the primary trend remains down. A reversal lower, with channel resistance intact, would reinforce a bearish theme and open 1.0533 initially, May 20 low.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.