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USD/CNH Lower In Line With DXY Trend

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  • RES 4: 1.2285 High Jan 8
  • RES 3: 1.2243 High Feb 25 and a key resistance
  • RES 2: 1.2207 1.0% 10-dma envelope
  • RES 1: 1.2182/84 High May 11 / High Feb 26
  • PRICE: 1.2123 @ 06:03 BST May 12
  • SUP 1: 1.2084 Former trendline resistance drawn off the Jan 6 high
  • SUP 2: 1.2052 20-day EMA
  • SUP 3: 1.1986 Low May 5 and key short-term support
  • SUP 4: 1.1943 Low Apr 19

EURUSD is consolidating and remains below yesterday's 1.2182 high. The outlook is bullish. Last week's break to fresh highs negated recent bearish threats and confirmed a resumption of the uptrend that started Mar 31. The move higher has also resulted in a break of trendline resistance drawn off the Jan 6 high. MA conditions support a bullish theme too. The focus is on 1.2184, Feb 26 high and 1.2243, Feb 25 high. Initial support is at 1.2084.

MNI London Bureau | +44 203-586-3805 |
MNI London Bureau | +44 203-586-3805 |

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