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Consolidation Mode

EURUSD TECHS
  • RES 4: 1.0449 High Jul 5
  • RES 3: 1.0370 Bull channel resistance drawn from the Feb 10 high
  • RES 2: 1.0348 50-day EMA
  • RES 1: 1.0294 High Aug 2
  • PRICE: 1.0169 @ 17:00 BST Aug 5
  • SUP 1: 1.0097 Low Aug 27 and key short-term support
  • SUP 2: 1.0064/0.9952 Low Jul 18 / 14 and the bear trigger
  • SUP 3: 0.9944 1.618 projection of the Jun 9 - 15 - 27 price swing
  • SUP 4: 0.9883 1.764 projection of the Jun 9 - 15 - 27 price swing

EURUSD traded lower Friday and remains inside a range as the pair continues to consolidate. The short-term outlook is bullish, as long as support at 1.0097, the Jul 27 low, remains intact. A resumption of gains would signal scope for an extension higher within the bull channel - the top intersects at 1.0370 and marks a key resistance. Weakness below 1.0097 would alter the picture. This would expose parity once again and 0.9952, the Jul 14.

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