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Eyeing The Bear Channel Top

  • RES 4: 1.0936 High Apr 21
  • RES 3: 1.0822 Bear channel resistance drawn from the Feb 10 high
  • RES 2: 1.0800 Round number resistance
  • RES 1: 1.0780 High May 30
  • PRICE: 1.0761 @ 14:26 BST May 30
  • SUP 1: 1.0643/0533 Low May 25 / Low May 20
  • SUP 2: 1.0461/350 Low May 18 and19 / Low May 13 and bear trigger
  • SUP 3: 1.0341 Low Jan 3 2017 and a key support
  • SUP 4: 1.0333 1.236 proj of the Feb 10 - Mar 7 - 31 price swing

EURUSD extended the positive short-term theme on Monday and is again trading above the 50-day EMA. The pair has also recently cleared the 20-day EMA and breached a key resistance at 1.0642, May 5 high. This strengthens the current bull cycle that began on May 13. Note that the latest recovery also started from the base of a bear channel, drawn from the Feb 10 high. The channel top at 1.0822 is the next objective. Initial support is at 1.0643.

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