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Oil Markets Off Bottom, But Bounce is Shallow

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Expiries for Aug05 NY cut 1000ET (Source DTCC)

Primary Uptrend Resumes

EURO-DOLLAR TECHS
  • RES 4: 1.2103 76.4% retracement of the 2018 - 2020 downtrend
  • RES 3: 1.2084 High May 1, 2018
  • RES 2: 1.2032 High May 2, 2018
  • RES 1: 1.2000 Psychological round number
  • PRICE: 1.1969 @ 10:22 BST Sep 1
  • SUP 1: 1.1884 Low Aug 31
  • SUP 2: 1.1810 20-day EMA
  • SUP 3: 1.1754 Low Aug 21 and a key support
  • SUP 4: 1.1711 Low Aug 12 and the bear trigger

EURUSD extended its rally overnight in Asia and importantly cleared the former resistance at 1.1966, Aug 18 and 31 cycle highs. The break confirms a resumption of the uptrend that has been in place since reversing direction in March. The pair is within touching distance of 1.2000, a break would open 1.2032 and 1.2084, highs last traded in May 2018. On the downside, initial support lies at 1.1884, Aug 31 low.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com