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Channel Top Continues To Offer Resistance

EURUSD TECHS
  • RES 4: 1.0400 Round number resistance
  • RES 3: 1.0368 High Aug 10 and a key resistance
  • RES 2: 1.0327 High Aug 12
  • RES 1: 1.0198/0249 High Sep 12 / 76.4% of Aug 10 - Sep 6 downleg
  • PRICE: 1.0133 @ 06:14 BST Sep 13
  • SUP 1: 1.0037 20-day EMA
  • SUP 2: 0.9931/9864 Low Sep 8 / 6 and the bear trigger
  • SUP 3: 0.9800 Round number support
  • SUP 4: 0.9785 2.00 projection of the Jun 9 - 15 - 27 price swing

EURUSD traded higher Monday. A key short-term break occurred - price traded through resistance at 1.0140, the channel top, drawn from the Feb 10 high. However, the pair failed to hold onto yesterday’s high and is trading inside the channel. A clear break of the channel top and close above it, would strengthen bullish conditions and suggest scope for a stronger recovery to 1.0249, a Fibonacci retracement. First support is at 1.0037, the 20-day EMA.

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