Free Trial

Approaching The Bear Channel Top

EURUSD TECHS
  • RES 4: 1.0936 High Apr 21
  • RES 3: 1.0807 Bear channel resistance drawn from the Feb 10 high
  • RES 2: 1.0800 Round number resistance
  • RES 1: 1.0787 High May 30
  • PRICE: 1.0750 @ 06:13 BST May 31
  • SUP 1: 1.0643/0533 Low May 25 / 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 is holding on to the bulk of its recent gains and trading near the top of its bear channel. The channel is drawn from the Feb 10 high and intersects at 1.0804. It marks a key short-term resistance where a break would strengthen bullish conditions and highlight a stronger short-term reversal. The primary trend remains down though and a reversal lower would reinforce a bearish theme. This would open 1.0533 initially, the May 20 low.

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.