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Clears Resistance At The Bear Channel Top

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: 1.0249 76.4% retracement of the Aug 10 - Sep 6 downleg
  • PRICE: 1.0120 @ 15:35 BST Sep 12
  • SUP 1: 1.0028 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 has occurred - price is through resistance at 1.0149, the channel top, drawn from the Feb 10 high. A clear break of this level and close above it, would strengthen bullish conditions and suggest scope for a stronger recovery. This would open 1.0249, a Fibonacci retracement, ahead of 1.0368, the Aug 10 high and a key resistance. First support is at 1.0028, the 20-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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