Free Trial

Probing Key Short-Term Support

EURUSD TECHS
  • RES 4: 1.2147 High Jun 15
  • RES 3: 1.204250-day EMA
  • RES 2: 1.2006 High Jun 17
  • RES 1: 1.1975 High Jun 25
  • PRICE: 1.1863 @ 16:04 BST Jul 1
  • SUP 1: 1.1837 76.4% retracement of the Mar 31 - May 25 rally
  • SUP 2: 1.1795 Low Apr 6
  • SUP 3: 1.1738 Low Apr 5
  • SUP 4: 1.1704 Low Mar 31 and a key support

EURUSD continues to trade lower this week and the pair has probed support at 1.1848, Jun 18, 21 lows and the bear trigger. The outlook is bearish. A clear break of 1.1848 would confirm a resumption of the downleg that started on May 25. Attention is on 1.1837, a Fibonacci retracement where a break would open 1.1704, Mar 31 low and a key support. Initial firm resistance is 1.1975, the Jun 25 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.