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Finds Bottom

EURUSD TECHS
  • RES 4: 1.0981 High Mar 8 and a key resistance
  • RES 3: 1.0964 High Mar 13
  • RES 2: 1.0933 61.8% retracement of the Dec 28 - Apr 16 bear leg
  • RES 1: 1.0860/95 High May 29 / 16 and the bull trigger
  • PRICE: 1.0843 @ 15:47 BST May 30
  • SUP 1: 1.0783 38.2% retracement of the Apr 16 - May 16 rally
  • SUP 2: 1.0766 Low May 13
  • SUP 3: 1.0748 50.0% retracement of the Apr 16 - May 16 rally
  • SUP 4: 1.0713 61.8% retracement of the Apr 16 - May 16 rally

EURUSD appeared to find a short-term bottom Thursday, bouncing off a pullback low of 1.0788. A positive close would confirm the latest move down as a correction. The trend condition remains bullish following a bear channel breakout on May 15 - the channel was drawn from the Dec 28 high. MA studies have also crossed and are in a bull-mode position. A resumption of gains would open 1.0933 next, a Fibonacci retracement. The 50-day EMA, at 1.0797 has been pierced. Next support is at 1.0783, a Fibonacci retracement.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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