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Damage Limitation

  • RES 4: 1.2034 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: 1.1789 @ 10:34 BST Aug 14
  • SUP 1: 1.1696 Low Aug 3
  • SUP 2: 1.1709/1639 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 holding well above the week's lows of 1.1711 at the midpoint Friday. Bulls need to build a base above 1.18 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. Upside momentum present at the end of July has now faded, making a period of consolidation the most likely outcome going forward.

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

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