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Bearish Reversal

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: 1.0733/74 Bear channel top from Feb 10 high / High Jun 9
  • PRICE: 1.0515 @ 15:10 BST Jun 10
  • SUP 1: 1.0461 Low May 18 and19
  • SUP 2: 1.0350 Low May 13 and bear trigger
  • SUP 3: 1.0341 Low Jan 3 2017 and a key support
  • SUP 4: 1.0195 Bear channel base, drawn from the Feb 10 high

EURUSD is ending the week on a softer note following Thursday’s sell-off and Friday’s bearish follow through. The key technical development this week has been the inability to clear the top of a bear channel resistance, drawn from the Feb 10 high - the channel top intersects at 1.0733. The reversal lower also suggests the May 13 - 30 correction is over. This opens 1.0461 next, the May 18/19 low. Key resistance is at 1.0733/87.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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