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Channel Resistance Remains Intact

EURUSD TECHS
  • RES 4: 1.0852 High Apr 22
  • RES 3: 1.0787 High May 30 and a reversal trigger
  • RES 2: 1.0642/0774 50-day EMA / High Jun 9
  • RES 1: 1.0615/18 High Jun 27 / Bear channel top from Feb 10 high
  • PRICE: 1.0510 @ 06:06 BST Jun 29
  • SUP 1: 1.0445/0359 Low Jun 17 and 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 has pulled away from its most recent highs. This means that key resistance at 1.0618 remains intact - the top of a bear channel drawn from the Feb 10 high. The primary trend direction is down and the outlook remains bearish. Moving average studies also point south and a break lower would refocus attention on 1.0350, May 13 low and the bear trigger. A clear break of 1.0618 however would alter the picture and highlight a channel breakout.

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