Free Trial

Fails To Hold On To Monday’s High

EURUSD TECHS
  • RES 4: 1.0615 High Jun 27
  • RES 3: 1.0559 1.764 proj of the Sep 28 - Oct 4 - 13 price swing
  • RES 2: 1.0536 High Nov 24 / Jun 29
  • RES 1: 1.0497 High Nov 28
  • PRICE: 1.0353 @ 19:31 GMT Nov 29
  • SUP 1: 1.0297 Low Nov 23
  • SUP 2: 1.0223/0198 Low Nov 21 / High Sep 12
  • SUP 3: 1.0094 High Oct 27 and a key near-term resistance
  • SUP 4: 1.0085 50-day EMA

EURUSD failed to hold on to Monday’s high and has reversed sharply lower. The weak close is a potential bearish development that points to a possible top or reversal. An extension lower would expose key short-term support at 1.0223, the Nov 21 low. Clearance of this support would confirm a short-term reversal and signal scope for a deeper pullback. A break of 1.0497, Monday's high, is required to resume recent bullish price action.

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.