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Approaching Channel Support

EURUSD TECHS
  • RES 4: 1.0042 Bear channel top drawn from the Feb 10 high
  • RES 3: 0.9892 20-day EMA
  • RES 2: 0.9852 High Sep 23
  • RES 1: 0.9671/9710 High Sep 27 / High Sep 26
  • PRICE: 0.9637 @ 16:36 BST Sep 28
  • SUP 1: 0.9536 Intraday low
  • SUP 2: 0.9504 Bear channel base drawn from the Feb 10 high
  • SUP 3: 0.9501 1.382 projection of the Aug 10 - Sep 6 - 12 price swing
  • SUP 4: 0.9442 1.50 projection of the Aug 10 - Sep 6 - 12 price swing

EURUSD bounced off lows Wednesday but still remains well within the over-arching downtrend. Fresh trend lows reinforce bearish conditions signalling scope for a continuation of the primary downtrend. The move lower also maintains the bearish price sequence of lower lows and lower highs. Price is approaching the base of a bear channel drawn from the Feb 10 high. The channel intersects at 0.9504 and represents a key support.

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