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Bear Channel Breakout

EURUSD TECHS
  • RES 4: 1.0981 High Mar 8 and a key resistance
  • RES 3: 1.0943 High Mar 21
  • RES 2: 1.0885 High Apr 9
  • RES 1: 1.0869 High May 15
  • PRICE: 1.0857 @ 16:02 BST May 15
  • SUP 1: 1.0769/24 50-day EMA / Low May 3
  • SUP 2: 1.0650/0601 Low May 1 / Low Apr 16 and the bear trigger
  • SUP 3: 1.0568 Low Nov 2 2023
  • SUP 4: 1.0494 Base of a bear channel drawn from the Dec 28 high

EURUSD is trading higher. Wednesday price action confirms again an extension of the bull leg that started Apr 16. The move higher highlights a clear bear channel break out - price is through the top of at 1.0832 and the channel is drawn from the Dec 28 high. This opens 1.0885 next, the Apr 9 high. A break of this level would open 1.0943, the Mar 21 high. Initial firm support lies at 1.0769, the 50-day EMA.

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