Free Trial

Gains Considered Corrective

EURUSD TECHS
  • RES 4: 1.1909 High Jul 30
  • RES 3: 1.1839 50-day EMA
  • RES 2: 1.11805/ High Aug 13 and key short-term resistance
  • RES 1: 1.1764 20-day EMA
  • PRICE: 1.1741 @ 05:55 BST Aug 24
  • SUP 1: 1.1664 Low Aug 20
  • SUP 2: 1.1621 1.00 proj of the Jan 6 - Mar 31 - May 25 price swing
  • SUP 3: 1.1603 Low Nov 4, 2020
  • SUP 4: 1.1495 High Mar 9, 2020

EURUSD traded higher Monday starting the week on a firmer note. Gains however are considered corrective and trend conditions remain bearish. Last week saw the pair clear1.1704, Mar 31 low. The break confirms a resumption of the downtrend and opens 1.1603 next, the Nov 4, 2020 low. Below here, the immediate post pandemic highs at 1.1495 would attract and also likely act as strong psychological and pivot support. Key S/T resistance is 1.1805.

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.