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Meets Key Resistance

EURUSD TECHS
  • RES 4: 1.1965 50.0% retracement of the May - Aug sell-off
  • RES 3: 1.1945 High Jun 28
  • RES 2: 1.1920 1.0% 10-dma envelope
  • RES 1: 1.1909 High Jul 30 / Sep 03 and a key resistance
  • PRICE: 1.1884 @ 17:11 BST Sep 3
  • SUP 1: 1.1788 20-day EMA
  • SUP 2: 1.1735/1664 Low Aug 27 / Low Aug 20 and the bear trigger
  • SUP 3: 1.1621 1.00 proj of the Jan 6 - Mar 31 - May 25 price swing
  • SUP 4: 1.1603 Low Nov 4, 2020

EURUSD traded higher on the weaker-than-forecast NFP release, touching - but not breaking - key resistance at the Jul 30 high of 1.1909. A break of this hurdle would strengthen a bullish case. This level becomes key headed into the new week. Price is holding above the 50-day EMA and the outlook for bulls has improved. On the downside, the support to watch is 1.1735, Aug 27 low. A break would suggest the recent rally is over.

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

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