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Bull Flag
- RES 4: 1.1821 High Sep 16
- RES 3: 1.1726/55 Bear channel from Jun 1 high / High Sep 22
- RES 2: 1.1694 50-day EMA
- RES 1: 1.1669 High Oct 19
- PRICE: 1.1660 @ 06:10 BST Oct 25
- SUP 1: 1.1572/24 Low Oct 18 / Low Oct 12 and the bear trigger
- SUP 2: 1.1493 50.0% retracement of the Mar '20 - Jan '21 bull phase
- SUP 3: 1.1469 1.236 proj of the Jan 6 - Mar 31 - May 25 price swing
- SUP 4: 1.1386 Bear channel base drawn from the Jun 1 high
EURUSD is trading in a range that appears to be a bull flag formation. The 20-day EMA has been breached and this suggests scope for a stronger short-term corrective bounce with attention on the 50-day EMA at 1.1694. Note there is a key resistance at 1.1726, the top of a bear channel drawn from the Jun 1 high. Broader trend conditions remain bearish and recent gains are considered corrective. Key support and the bear trigger is 1.1524.
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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.