Free Trial

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.

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.