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Fails Above Bear Channel Top

EURUSD TECHS
  • RES 4: 1.0936 High Apr 21 and a key resistance
  • RES 3: 1.0852 High Apr 22
  • RES 2: 1.0787 High May 30
  • RES 1: 1.0742/49 Bear channel top from Feb 10 high / Intraday High
  • PRICE: 1.0738 @ 15:36 BST Jun 9
  • 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 initially traded well on the back of the ECB rate decision, showing above the bear channel top - albeit briefly. The pair reversed course into the close, taking out the week‘s lows in the process. This keeps key short-term support at 1.0627, the Jun 01 low. To the upside, the top of the bear channel drawn from the Feb 10 high remains the key level. A clear break is required to strengthen bullish conditions and highlight a stronger short-term reversal.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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