Free Trial

Trend Needle Still Points South

EURUSD TECHS
  • RES 4: 1.0852 High Apr 22
  • RES 3: 1.0787 High May 30 and a reversal trigger
  • RES 2: 1.0636/0774 Bear channel top from Feb 10 high / High Jun 9
  • RES 1: 1.0615 High Jun 27
  • PRICE: 1.0607 @ 16:21 BST Jun 27
  • SUP 1: 1.0445/0359 Low Jun 17 and 15
  • SUP 2: 1.0350 Low May 13 and bear trigger
  • SUP 3: 1.0341 Low Jan 3 2017 and a key support
  • SUP 4: 1.0233 1.382 proj of Feb 10 - Mar 7 - 31 Price swing

EURUSD touched the best level in two weeks ahead of the Monday close. Nonetheless, from a trend perspective, the outlook remains bearish. Moving average studies point south and price continues trade inside a bear channel, drawn from the Feb 10 high. The channel top intersects at 1.0636 and is a key short-term resistance, where a break would highlight a potential reversal. For bears, a resumption of weakness would open 1.0350, May 13 low and the bear trigger.

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.