Free Trial

Probes The Bear Channel Base

EURUSD TECHS
  • RES 4: 1.17155 / High Sep 22
  • RES 3: 1.1640/92 Bear channel top from Jun 1 high / High Oct 28
  • RES 2: 1.1514/1608 Low Nov 5 / High Nov 9
  • RES 1: 1.1386 High Nov 16
  • PRICE: 1.1305 @ 16:20 GMT Nov 17
  • SUP 1: 1.1264 Low Nov 17
  • SUP 2: 1.1222 1.618 proj of the Jan 6 - Mar 31 - May 25 price swing
  • SUP 3: 1.1185 Low Jul 1, 2020
  • SUP 4: 1.1128 1.764 proj of the Jan 6 - Mar 31 - May 25 price swing

EURUSD remains offered and continues to trade lower. Wednesday's price action has resulted in a probe of key support at 1.1300, the base of a bear channel drawn from the Jun 1 high. A clear breach of this area would reinforce current conditions and signal scope for weakness towards 1.1222, a Fibonacci retracement. Any near-term base building would signal a possible reversal from the channel base. Initial resistance is at 1.1386, Tuesday's high.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.