Free Trial

EURUSD Bear Channel Base Provides Support

  • EURUSD has breached resistance at the 20-day EMA.
  • The move above this average suggests scope for a stronger short-term recovery.
  • This has opened the next key resistance at 1.0642, the May 5 high.
  • Note that the recent bounce from 1.0350, May 13 low, also marks a recovery from the base of a bear channel, drawn from the Feb 10 high. The top of the channel intersects at 1.0866
  • Initial support is at 1.0461, May 18/19 low.

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.