MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI BRIEF: Ontario To Cut U.S. Energy Flows When Tariffs Hit

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI BRIEF: US Budget Deficit $367B In Nov; FYTD Record $624B

MNI China Daily Summary: Wednesday, December 11

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

EURUSD TECHS: Key Resistance Remains Exposed

EURUSD TECHS
USForeign Exchange Technical AnalysisGlobalCEEMEABulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 1.1276 High Jul 18 2023 
  • RES 3: 1.1234 1.618 proj of the Jun 26 - Jul 17 - Aug 1 price swing
  • RES 2: 1.1202 High Aug 26 and the bull trigger
  • RES 1: 1.1189 High Sep 18  
  • PRICE: 1.1165 @ 05:53 BST Sep 20
  • SUP 1: 1.1088/1015 20-day EMA / 50-day EMA  
  • SUP 2: 1.1002 Low Sep 11 
  • SUP 3: 1.0940 61.8% retracement of the Aug 1 - 26 bull leg
  • SUP 4: 1.0878 76.4% retracement of the Aug 1 - 26 bull leg

The short-term outlook in EURUSD remains bullish. Support at the 20-day EMA, at 1.1088, has been pierced but remains intact for now. The  resumption of gains signals scope for a move higher towards 1.1202, the Aug 26 high and a bull trigger. Clearance of this level would confirm a resumption of the uptrend. On the downside, a clear break of the 20-day EMA is required to signal scope for a deeper retracement.

154 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: 1.1276 High Jul 18 2023 
  • RES 3: 1.1234 1.618 proj of the Jun 26 - Jul 17 - Aug 1 price swing
  • RES 2: 1.1202 High Aug 26 and the bull trigger
  • RES 1: 1.1189 High Sep 18  
  • PRICE: 1.1165 @ 05:53 BST Sep 20
  • SUP 1: 1.1088/1015 20-day EMA / 50-day EMA  
  • SUP 2: 1.1002 Low Sep 11 
  • SUP 3: 1.0940 61.8% retracement of the Aug 1 - 26 bull leg
  • SUP 4: 1.0878 76.4% retracement of the Aug 1 - 26 bull leg

The short-term outlook in EURUSD remains bullish. Support at the 20-day EMA, at 1.1088, has been pierced but remains intact for now. The  resumption of gains signals scope for a move higher towards 1.1202, the Aug 26 high and a bull trigger. Clearance of this level would confirm a resumption of the uptrend. On the downside, a clear break of the 20-day EMA is required to signal scope for a deeper retracement.