Free Trial

Corrective Bounce Extends

EURUSD TECHS
  • RES 4: 1.0852 High Apr 22
  • RES 3: 1.0758 Low Apr 14 and a recent breakout level
  • RES 2: 1.0642 High May 5 and key short-term resistance
  • RES 1: 1.0556/0583 High May 17 / 20-day EMA
  • PRICE: 1.0539 @ 19:47 BST May 17
  • SUP 1: 1.0350 Low May 13 and the bear trigger
  • SUP 2: 1.0341 Low Jan 3 2017 and a key support
  • SUP 3: 1.0333 1.236 proj of the Feb 10 - Mar 7 - 31 price swing
  • SUP 4: 1.0296 2.0% 10-dma envelope

EURUSD traded higher Tuesday as the pair extended the corrective bounce from last week’s low of 1.0350. The broader trend direction remains down and a break of 1.0350 would confirm a resumption of the downtrend. Moving average studies remain in a bear mode condition, highlighting current sentiment. The focus is on 1.0341 next, Jan 3 2017 low and key support. Key resistance is unchanged at 1.0642, May 5 high.

To read the full story

Close

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.