Free Trial

Gains Appear To Be Corrective

EURUSD TECHS
  • RES 4: 1.0916 High Jun 04 and the bull trigger
  • RES 3: 1.0852 High High Jun 12
  • RES 2: 1.0790 50-day EMA
  • RES 1: 1.0761 High Jun 18
  • PRICE: 1.0718 @ 05:58 BST Jun 21
  • SUP 1: 1.0668 Low Jun 14
  • SUP 2: 1.0650 Low May 1
  • SUP 3: 1.0601 Low Apr 16 and a key support
  • SUP 4: 1.0568 Low Nov 2

The short-term trend condition in EURUSD remains bearish and the latest shallow gains appear to be a correction. The recent breach of support at 1.0720, the Jun 11 low, strengthens a bearish theme and note too that 1.0675, 76.4% of the Apr 16 - Jun 4 bull leg, has been pierced. A clear break of this level would open 1.0650 next, the May 1 low. Key short-term resistance is at 1.0852, the Jun 12 high. Initial firm resistance is at 1.0790, the 50-day EMA.

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.