MNI BRIEF: BOE Bailey Backs Lasting Non-Bank Liquidity Schemes

MNI BRIEF: IMF Cuts Japan 2024 GDP To +0.3% From July's 0.7%

MNI China Daily Summary: Tuesday, October 22

MNI BRIEF: Chinese Firms Increasingly Hedging Currency Risk

MNI: PBOC Net Injects CNY90.1 Bln via OMO Tuesday

CHINA PBOC CONDUCTS CNY158.4 BLN VIA 7-DAY REVERSE REPOS TUES

MNI: US REDBOOK: OCT STORE SALES +5.1% V YR AGO MO

MNI: US OCT PHILADELPHIA FED NONMFG INDEX 6

MNI: CANADA SEP INDUSTRIAL PRICES -0.6% MOM; EX-ENERGY +0.2%

CANADA: Politics Week: Trudeau Facing More Internal Dissent And Departures

CANADA: Politics Week: Trudeau Faces More Pressure To Resign

CANADA: Politics Week: Parliament Opens With Early Election Threats

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

EURUSD TECHS: Bear Cycle Extends

EURUSD TECHS
USForeign Exchange Technical AnalysisCEEMEABulletGlobalForeign Exchange BulletsRegionNorth America
  • RES 4: 1.0981 High Mar 8 and a key resistance  
  • RES 3: 1.0964 High Mar 13
  • RES 2: 1.0897/0948 High Jul 23 / 17 and the bull trigger
  • RES 1: 1.0839/1.0870 20-day EMA / High Jul 25 / 29
  • PRICE: 1.0789 @ 16:10 BST Aug 1
  • SUP 1: 1.0778 Low Aug 01 
  • SUP 2: 1.0774 61.8% retracement of the Jun 26 - Jul 17 bull phase
  • SUP 3: 1.0733 76.4% retracement of the Jun 26 - Jul 17 bull phase
  • SUP 4: 1.0666 Low Jun 26 

EURUSD remains in a bear-mode condition for now and price traded lower again Thursday, confirming a resumption of the current bear leg. The pair has breached the 50-day EMA and this signals scope for a deeper retracement towards 1.0774, a Fibonacci retracement. A clear reversal higher would highlight the end of the current corrective cycle and open key resistance at 1.0948, the Jul 17 high. Initial firm resistance is 1.0870, the Jul 25 / 29 high.   

156 words

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.
  • RES 4: 1.0981 High Mar 8 and a key resistance  
  • RES 3: 1.0964 High Mar 13
  • RES 2: 1.0897/0948 High Jul 23 / 17 and the bull trigger
  • RES 1: 1.0839/1.0870 20-day EMA / High Jul 25 / 29
  • PRICE: 1.0789 @ 16:10 BST Aug 1
  • SUP 1: 1.0778 Low Aug 01 
  • SUP 2: 1.0774 61.8% retracement of the Jun 26 - Jul 17 bull phase
  • SUP 3: 1.0733 76.4% retracement of the Jun 26 - Jul 17 bull phase
  • SUP 4: 1.0666 Low Jun 26 

EURUSD remains in a bear-mode condition for now and price traded lower again Thursday, confirming a resumption of the current bear leg. The pair has breached the 50-day EMA and this signals scope for a deeper retracement towards 1.0774, a Fibonacci retracement. A clear reversal higher would highlight the end of the current corrective cycle and open key resistance at 1.0948, the Jul 17 high. Initial firm resistance is 1.0870, the Jul 25 / 29 high.