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Damage Limitation

  • RES 4: 1.2032 2.0% 10-dma envelope
  • RES 3: 1.2000 Psychological round number
  • RES 2: 1.1978 1.236 proj of May 7 - Jun 10 rally from Jun 19 low
  • RES 1: 1.1916 High Aug 6
  • PRICE: 1.1828 @ 16:24 BST Aug 13
  • SUP 1: 1.1696 Low Aug 3
  • SUP 2: 1.1698/1639 20-day EMA / Low Jul 27
  • SUP 3: 1.1581 Low Jul 24
  • SUP 4: 1.1541 Low Jul 23

EUR/USD remains well off the cycle highs printed Aug 6 and is currently in damage limitation mode, with prices bouncing further off the week's lows of 1.1711. Bulls need to build a base above the 1.18 level to stage any attempt on the cycle highs. The recent lows at 1.1696 remain the cue for a move lower and a break below opens late July's 1.1639. It seems the momentum behind the July rally has now all but faded, leaving bulls with the tough task of closing above 1.19 to reignite any impulsive higher from here. This makes a period of consolidation the most likely outcome going forward.

MNI London Bureau | +44 203-865-3809 |

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