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Heading South

EURUSD TECHS
  • RES 4: 1.1005 High Aug 11
  • RES 3: 1.0945 High Aug 30 and reversal trigger
  • RES 2: 1.0810 50-day EMA
  • RES 1: 1.0719/69 20-day EMA / High Sep 12
  • PRICE: 1.0518 @ 15:40 BST Sep 27
  • SUP 1: 1.0510 Low Sep 27
  • SUP 2: 1.0484 Low Jan 6
  • SUP 3: 1.0421 2.0% 10-dma envelope
  • SUP 4: 1.0406 50.0% retracement of the Sep ‘22 - Jul ‘23 bull leg

The EURUSD trend condition is bearish and the pair traded to a fresh cycle low again Wednesday, extending the current bearish run. The recent clearance of 1.0632, the Sep 14 low, confirmed a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. Sights are on 1.0484 next, the Jan 6 low. Initial firm resistance is 1.0705, the 20-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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