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Holding Above Key Support

EURO-YEN TECHS
  • RES 4: 125.73 2.0% 10-dma envelope
  • RES 3: 125.49 0.618 projection of the May 6 - Jun 5 from Jun 22 low
  • RES 2: 125.23 High May 1, 2019
  • RES 1: 124.29/43 High Jul 22 / Jun 5 and key resistance
  • PRICE: 123.81 @ 17:38 BST Jul 30
  • SUP 1: 122.84 Low Jul 24 and key intraday support
  • SUP 2: 122.55 20-day EMA
  • SUP 3: 122.47 Low Jul 21
  • SUP 4: 121.82 Low Jul 15 and 16

Having found some support Wednesday, the cross held much of the gains Thursday to hold near recent highs. Nonetheless, the cross continues to trade below resistance at 124.29, Jul 22 high and primary resistance at 124.43, Jun 5 high. On Jul 24, the cross probed key support at 123.06 before finding support at the day low of 122.84. A close below 123.06 would signal a top and highlight the potential for a deeper correction. For now, the uptrend remains intact. 124.43 is the bull trigger.

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