Free Trial

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

Gains Considered Corrective

  • RES 4: 1.1990 High Mar 11
  • RES 3: 1.1947 High Mar 22 and the 50-day EMA
  • RES 2: 1.1853 High Mar 24
  • RES 1: 1.1828 Former bear channel base drawn off the Jan 6 high
  • PRICE: 1.1806 @ 05:57 GMT Apr 6
  • SUP 1: 1.1738 Low Apr 5
  • SUP 2: 1.1695 38.2% retracement of the Mar 2020 - Jan rally
  • SUP 3: 1.1647 1.50 proj of the Jan 6 - Feb 5 - Feb 25 price swing
  • SUP 4: 1.1603 Low Nov 4 and a key support

EURUSD traded higher yesterday however short-term gains are considered corrective. A bearish theme remains in place with technical indicators still highlighting a bearish outlook. Activity in March resulted in a break of support at 1.1836, Mar 9 low extending this year's bearish price sequence of lower and lower highs. Attention is on 1.1695 next, a Fibonacci retracement. Initial resistance is at 1.1828, a former bear channel base breached on Mar 8.

MNI London Bureau | +44 203-586-3805 |

To read the full story

Why Subscribe to

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.