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Holding Above Trendline Support

EURO-DOLLAR TECHS
  • RES 4: 1.2032 High May 2, 2018
  • RES 3: 1.2011 High Sep 1 and the bull trigger
  • RES 2: 1.1929 High Sep 2
  • RES 1: 1.1917 High Sep 10
  • PRICE: 1.1868 @ 10:18 BST Sep 16
  • SUP 1: 1.1817 Trendline support drawn off the May 14 low
  • SUP 2: 1.1753 Low Sep 9 and key support
  • SUP 3: 1.1711 Low Aug 12
  • SUP 4: 1.1705 50-day EMA

EURUSD remains above trendline support drawn off the May 14 low. Last week saw the price probe the trendline at 1.1755 before rebounding. A key support has been defined at 1.1753, Sep 9 low. This level still represents a key S/T pivot point. If breached, it would confirm a break of the trendline and signal a more meaningful reversal. While it holds, the current phase of the uptrend remains intact. Key trend resistance is at 1.2011, Sep 1 high.

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