Free Trial

Bouncing Ahead of Key Support

EURUSD TECHS
  • RES 4: 1.2006 High Jun 29 / Jun 17
  • RES 3: 1.1948/75 38.2% of the May 25 - Jul 21 sell-off / High Jun 25
  • RES 2: 1.1930 High Jun 29
  • RES 1: 1.1871 50-day EMA
  • PRICE: 1.1797 @ 16:46 BST Aug 13
  • SUP 1: 1.1706 Low Aug 10
  • SUP 2: 1.1704 Low Mar 31 and a key support
  • SUP 3: 1.1695 38.2% Fib 2020 - 2021 Rally
  • SUP 4: 1.1603 Low Nov 04, 2020

EURUSD traded under pressure for much of the week, before bouncing into the close on broad-based USD weakness. This keeps key support in place at the 1.1704 2021 low printed back in March. Stiff support is expected here ahead of the 1.1685 mark, at which the 38.2% Fib crosses for the 2020 - 2021 rally. A further decline would be bearish indeed. For bulls to regain control, markets need to test the 50-day EMA at 1.1871. This average represents a key short-term resistance.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.