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Needle Still Points South

EURUSD TECHS
  • RES 4: 1.2006 High Jun 29 / Jun 17
  • RES 3: 1.1936/75 50-day EMA / High Jun 25
  • RES 2: 1.1930 High Jun 29
  • RES 1: 1.1851/1881 High Jul 15 / High Jul 9
  • PRICE: 1.1762 @ 16:52 BST Jul 23
  • SUP 1: 1.1752 Low Jul 21
  • SUP 2: 1.1738 Low Apr 5
  • SUP 3: 1.1704 Low Mar 31 and a key support
  • SUP 4: 1.1603 Low Nov 4, 2020

EURUSD maintains a bearish outlook and the pair remains below the first resistance level at 1.1851. A bearish price sequence of lower lows and lows and lower highs remains intact highlighting a clear bearish theme. Note too the imminent formation of a death cross (50- breaking below the 200-dma) that also highlights a bearish threat. A break of 1.1704 would trigger a deeper pullback. Initial firm resistance is at 1.1851, Jul 15 high.

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