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EURUSD TECHS

Channel Resistance Still Intact

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Bearish Inside Its Channel

EURUSD TECHS
  • RES 4: 1.0787 High May 30 and a reversal trigger
  • RES 3: 1.0612/0774 50-day EMA / High Jun 9
  • RES 2: 1.0583/1.0615 Channel top from Feb 10 high / High Jun 27
  • RES 1: 1.0522 20-day EMA
  • PRICE: 1.0441 @ 06:05 BST Jul 5
  • SUP 1: 1.0366/0359 Low Jul 1 / 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 is unchanged and continues to consolidate. The pair remains vulnerable and is also still trading inside its bear channel, drawn from the Feb 10 high. The channel top intersects at 1.0583 where a break is still required to reverse the short-term direction. Attention is on weakness towards support at 1.0350, May 13 low and the bear trigger. Clearance of this level would confirm a resumption of the primary downtrend and open 1.0233.

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  • RES 4: 1.0787 High May 30 and a reversal trigger
  • RES 3: 1.0612/0774 50-day EMA / High Jun 9
  • RES 2: 1.0583/1.0615 Channel top from Feb 10 high / High Jun 27
  • RES 1: 1.0522 20-day EMA
  • PRICE: 1.0441 @ 06:05 BST Jul 5
  • SUP 1: 1.0366/0359 Low Jul 1 / 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 is unchanged and continues to consolidate. The pair remains vulnerable and is also still trading inside its bear channel, drawn from the Feb 10 high. The channel top intersects at 1.0583 where a break is still required to reverse the short-term direction. Attention is on weakness towards support at 1.0350, May 13 low and the bear trigger. Clearance of this level would confirm a resumption of the primary downtrend and open 1.0233.