Free Trial
RUSSIA

Russia Pushed To Default On Foreign Debt

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

Bear Flag Formation Reinforces Downtrend

EURUSD TECHS
  • RES 4: 1.0936 High Apr 21 and a key resistance
  • RES 3: 1.0852 High Apr 22
  • RES 2: 1.0657/0758 20-day EMA / Low Apr 14 - recent breakout level
  • RES 1: 1.0642 High May 5
  • PRICE: 1.0543 @ 06:08 BST May 11
  • SUP 1: 1.0472/54 Low Apr 28 and the bear trigger / Low Jan 1 2017
  • SUP 2: 1.0390 Low Jan 4 2017
  • SUP 3: 1.0341 Low Jan 3 2017 and a key support
  • SUP 4: 1.0333 1.236 proj of the Feb 10 - Mar 7 - 31 price swing

EURUSD is rangebound. The pause in the downtrend still appears to be a bear flag formation. This is a bearish continuation pattern that also highlights a shallow correction and reinforces the current trend direction. Furthermore, moving average studies remain in a bear mode set-up. A resumption of weakness would open 1.0454, the Feb 22 2017 low. Watch resistance at 1.0657, the 20-day EMA.

149 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.
  • RES 4: 1.0936 High Apr 21 and a key resistance
  • RES 3: 1.0852 High Apr 22
  • RES 2: 1.0657/0758 20-day EMA / Low Apr 14 - recent breakout level
  • RES 1: 1.0642 High May 5
  • PRICE: 1.0543 @ 06:08 BST May 11
  • SUP 1: 1.0472/54 Low Apr 28 and the bear trigger / Low Jan 1 2017
  • SUP 2: 1.0390 Low Jan 4 2017
  • SUP 3: 1.0341 Low Jan 3 2017 and a key support
  • SUP 4: 1.0333 1.236 proj of the Feb 10 - Mar 7 - 31 price swing

EURUSD is rangebound. The pause in the downtrend still appears to be a bear flag formation. This is a bearish continuation pattern that also highlights a shallow correction and reinforces the current trend direction. Furthermore, moving average studies remain in a bear mode set-up. A resumption of weakness would open 1.0454, the Feb 22 2017 low. Watch resistance at 1.0657, the 20-day EMA.