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Heading South

EURUSD TECHS
  • RES 4: 1.1007 High May 10
  • RES 3: 1.0935 High May 12
  • RES 2: 1.0870/74 50- and 20-day EMA values
  • RES 1: 1.0831 High May 22
  • PRICE: 1.0716 @ 16:06 BST May 25
  • SUP 1: 1.0707 Low May 25
  • SUP 2: 1.0653 76.4% retracement of the Mar 15 - Apr 26 bull run
  • SUP 3: 1.0631 Low Mar 20
  • SUP 4: 1.0608 Low Mar 17

EURUSD traded lower again Thursday, reinforcing bearish conditions and confirming an extension of the bear cycle. The 1.0713 objective has been breached, the Mar 24 low. This signals scope for weakness towards 1.0653 next, a Fibonacci retracement point. A firm resistance is seen at 1.0874, the 20-day EMA. Clearance of this average is required to ease current bearish pressure.

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