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Consolidation Mode

EURUSD TECHS
  • RES 4: 1.0327 High Aug 12
  • RES 3: 1.0228 Channel top drawn from the Feb 10 high
  • RES 2: 1.0193 High Aug 18
  • RES 1: 1.0090 High Aug 26 and key near-term resistance
  • PRICE: 1.0030 @ 17:02 BST Aug 30
  • SUP 1: 0.9883 1.764 projection of the Jun 9 - 15 - 27 price swing
  • SUP 2: 0.9800 Round number support
  • SUP 3: 0.9785 2.00 projection of the Jun 9 - 15 - 27 price swing
  • SUP 4: 0.9690 Channel base drawn from the Feb 10 high

EURUSD remains in a range though and is consolidating. The downtrend remains intact. Recent weakness resulted in breach of former key support at 0.9952, the Jul 14 low. The break confirmed an extension lower inside the bear channel (drawn from the Feb 10 high) and a resumption of the primary downtrend. The focus is on 0.9883 next, a Fibonacci projection. Firm short-term resistance is seen at 1.0090, the Aug 26 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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