MNI BRIEF: Cuts Should Be Timely But Cautious - Buba's Nagel

MNI BRIEF: ECB Policy Decisions Based On Broad Analysis- Lane

MNI BRIEF: Less Than Half Canada Firms See Inflation Obstacle

MNI China Daily Summary: Monday, November 25

MNI: China CFETS Yuan Index Up 0.01% In Week of Nov 22

MNI: PBOC Net Injects CNY76.7 Bln via OMO Monday

EZ/UK T-Bill Calendar: 2/3-Month ATB Auction on Tuesday

MNI: BELGIUM NOV BNB BUSINESS SURVEY -11.1

EZ/UK Bond Supply Calendar: Gilt Syndi; IT, DE Due on Tuesday

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

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

EURUSD TECHS: Testing Support At The 20-Day EMA

EURUSD TECHS
USForeign Exchange Technical AnalysisGlobalCEEMEABulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 1.1300 Round number resistance  
  • RES 3: 1.1276 High Jul 18 2023
  • RES 2: 1.1234 1.618 proj of the Jun 26 - Jul 17 - Aug 1 price swing
  • RES 1: 1.1140/1202 High Aug 29 / High Aug 26 and the bull trigger  
  • PRICE: 1.1056 @ 05:45 BST Sep 4
  • SUP 1: 1.1026 Low Sep 03  
  • SUP 2: 1.0990 50.0% retracement of the Aug 1 - 26 bull leg
  • SUP 3: 1.0952 50-day EMA
  • SUP 4: 1.0878 76.4% retracement of the Aug 1 - 26 bull leg

The latest move down in EURUSD appears corrective and the pair is trading at its recent lows. The 20-day EMA, at 1.1049, has been pierced. A clear break of the average would expose the 50-day EMA, at 1.0960, allowing for a deeper correction. Moving average studies remain in a bull-mode position, highlighting a primary uptrend. A resumption of gains would set the scene for a climb towards 1.1234, a Fibonacci projection.

153 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: 1.1300 Round number resistance  
  • RES 3: 1.1276 High Jul 18 2023
  • RES 2: 1.1234 1.618 proj of the Jun 26 - Jul 17 - Aug 1 price swing
  • RES 1: 1.1140/1202 High Aug 29 / High Aug 26 and the bull trigger  
  • PRICE: 1.1056 @ 05:45 BST Sep 4
  • SUP 1: 1.1026 Low Sep 03  
  • SUP 2: 1.0990 50.0% retracement of the Aug 1 - 26 bull leg
  • SUP 3: 1.0952 50-day EMA
  • SUP 4: 1.0878 76.4% retracement of the Aug 1 - 26 bull leg

The latest move down in EURUSD appears corrective and the pair is trading at its recent lows. The 20-day EMA, at 1.1049, has been pierced. A clear break of the average would expose the 50-day EMA, at 1.0960, allowing for a deeper correction. Moving average studies remain in a bull-mode position, highlighting a primary uptrend. A resumption of gains would set the scene for a climb towards 1.1234, a Fibonacci projection.