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Bearish Focus

EURUSD TECHS
  • RES 4: 1.0787 High May 30 and a reversal trigger
  • RES 3: 1.0628/0774 50-day EMA / High Jun 9
  • RES 2: 1.0600/15 Bear channel top from Feb 10 high / High Jun 27
  • RES 1: 1.0545 20-day EMA
  • PRICE: 1.0459 @ 06:13 BST Jul 1
  • SUP 1: 1.0383/0359 Low Jun 30 / Jun 15
  • SUP 2: 1.0350 Low May 13 and bear trigger
  • SUP 3: 1.0341 Low Jan 3 2017 and a key support
  • SUP 4: 1.0233 1.382 proj of Feb 10 - Mar 7 - 31 Price swing

EURUSD maintains a short-term bearish tone and nearby key support levels remain exposed. Recent weakness means that resistance at 1.0600 is intact. This is the top of a bear channel drawn from the Feb 10 high. While price trades below this channel top, short-term conditions are bearish and the focus is on 1.0350, May 13 low and a bear trigger. For bulls, a breach of 1.0600 would alter the picture and highlight a bullish channel breakout.

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