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Approaching The Bear Channel Top

EURUSD TECHS
  • RES 4: 1.0268 High Aug 15
  • RES 3: 1.0203 High Aug 17
  • RES 2: 1.0158 Channel top from the Feb 10 high and key resistance
  • RES 1: 1.0127 Intraday high
  • PRICE: 1.0083 @ 06:37 BST Sep 12
  • SUP 1: 0.9931/9864 Low Sep 8 / 6 and the bear trigger
  • SUP 2: 0.9800 Round number support
  • SUP 3: 0.9785 2.00 projection of the Jun 9 - 15 - 27 price swing
  • SUP 4: 0.9610 Channel base drawn from the Feb 10 high

EURUSD is holding on to last week’s gains. The latest recovery is still considered corrective. A downtrend remains intact with the pair trading below its bear channel resistance and moving average studies are in a bear mode condition. Note that the channel top, drawn from the Feb 10 high, intersects at 1.0149 and represents a key resistance. A resumption of weakness would refocus on 0.9864, the Sep 6 low and bear trigger.

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