FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

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: Support Remains Intact 

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: 1.1121 @ 19:35 BST Sep 24
  • 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 despite Monday’s pullback. Support at the 20-day EMA, at 1.1088, has been pierced but remains intact. A  resumption of gains would signal 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.

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: 1.1276 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: 1.1121 @ 19:35 BST Sep 24
  • 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 despite Monday’s pullback. Support at the 20-day EMA, at 1.1088, has been pierced but remains intact. A  resumption of gains would signal 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.