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Bear Flag Proves Prescient

EURUSD TECHS
  • RES 4: 1.2414 High Apr 17, 2018
  • RES 3: 1.2349/53 High Jan 6 / High Apr 20, 2018
  • RES 2: 1.2266/85 High May 25 and the bull trigger / High Jan 8
  • RES 1: 1.2218 High Jun 9
  • PRICE: 1.2014 @ 20:43 BST Jun 16
  • SUP 1: 1.2008 Low Jun 16
  • SUP 2: 1.1986 Low May 5
  • SUP 3: 1.1919 61.8% retracement of the Mar 31 - May 25 rally
  • SUP 4: 1.1895 2.0% 10-dma envelope

EURUSD fell sharply on the back of broad post-Fed USD strength, confirming the bearish signals present earlier this week. The recent breach of the 50-day EMA and 1.2104, Jun 4 low helped accelerate the decline, and confirms a short-term correction. Wednesday saw firm support at 1.2052, May 13 low give way, opening losses toward the May 5 low of 1.1986. On the upside, initial firm resistance is at 1.2218, Jun 9 high. A break would ease the bearish threat and open 1.2266 instead.

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