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Bearish Theme Exposes Key Support

  • RES 4: 1.0852 High Apr 22
  • RES 3: 1.0787 High May 30
  • RES 2: 1.0707/74 Bear channel top from Feb 10 high / High Jun 9
  • RES 1: 1.0523/0612 High Jun 13 / 20-day EMA
  • PRICE: 1.0428 @ 05:52 BST Jun 15
  • SUP 1: 1.0397 Low Jun 14
  • SUP 2: 1.0350 Low May 13 and bear trigger
  • SUP 3: 1.0341 Low Jan 3 2017 and a key support
  • SUP 4: 1.0168 Bear channel base, drawn from the Feb 10 high

EURUSD maintains a bearish theme and is trading closer to its recent lows. Recent weakness that followed a reversal at the top of the bear channel drawn from the Feb 10 high, highlights a bearish threat. The channel top intersects at 1.0707 today. The reversal lower also signals a resumption of the primary downtrend and attention is on the bear trigger at 1.0350, May 13 low. Initial firm resistance is at 1.0612, the 20-day EMA.

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