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Free AccessCorrective Bounce
- RES 4: 1.0789 50-day EMA
- RES 3: 1.0737 High Sep 20
- RES 2: 1.0685 20-day EMA
- RES 1: 1.0574 High Sep 27
- PRICE: 1.0565 @ 15:55 BST Sep 28
- SUP 1: 1.0484 Low Jan 6
- SUP 2: 1.0421 2.0% 10-dma envelope
- SUP 3: 1.0406 50.0% retracement of the Sep ‘22 - Jul ‘23 bull leg
- SUP 4: 1.0291 Low Nov 30 2022
Markets underwent a corrective recovery on Thursday, seeing spot bid up toward the Wednesday highs, but - ultimately - doing little to alter the medium-term direction. The trend condition remains bearish and the pair traded to a fresh cycle low on Wednesday, extending the current bearish run. The move lower maintains the bearish price sequence of lower lows and lower highs and moving average studies are in a bear mode position. Sights are on 1.0484 next, the Jan 6 low. Initial firm resistance is at 1.0685, the 20-day EMA. A break would signal the start of a possible correction.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.