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Channel Resistance Still Intact

  • RES 4: 1.0787 High May 30 and a reversal trigger
  • RES 3: 1.0634/0774 50-day EMA / High Jun 9
  • RES 2: 1.0609/15 Bear channel top from Feb 10 high / High Jun 27
  • RES 1: 1.0551 20-day EMA
  • PRICE: 1.0456 @ 05:52 BST Jun 30
  • SUP 1: 1.0433/0359 Intraday low / Low 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 traded lower Wednesday, extending the pullback from recent highs. The move means that resistance at 1.0609 stays intact - a bear channel top drawn from the Feb 10 high. While price trades below this channel top, S/T conditions remain bearish and the focus is on 1.0350, May 13 low and a bear trigger. MA studies also point south, highlighting bearish sentiment, A breach of 1.0618 would alter the picture and highlight a channel breakout.

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