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Bear Threat Remains Present

EURUSD TECHS
  • RES 4: 1.0368 High Aug 10 and a key resistance
  • RES 3: 1.0327 High Aug 12
  • RES 2: 1.0198/0249 High Sep 12 / 76.4% of Aug 10 - Sep 6 downleg
  • RES 1: 1.0103 Bear channel top drawn from the Feb 10 high
  • PRICE: 1.0004 @ 19:34 BST Sep 16
  • SUP 1: 0.9945 Low Sep 16
  • SUP 2: 0.9864 Low Sep 6 and the bear trigger
  • SUP 3: 0.9800 Round number support
  • SUP 4: 0.9785 2.00 projection of the Jun 9 - 15 - 27 price swing

EURUSD remains vulnerable following the move lower on Sep 13 . Price is trading inside the bear channel, drawn from the Feb 10 high. The channel top intersects at 1.0104 and this level marks a key resistance point. A close above it is required to highlight a channel breakout. The trend direction remains down as highlighted by bearish moving average studies. An extension lower would expose the bear trigger at 0.9864, the Sep 6 low.

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