Free Trial

Profit-taking Takes Pair Off Highs

EURUSD TECHS
  • RES 4: 1.0769 High Sep 12
  • RES 3: 1.0732 50-day EMA
  • RES 2: 1.0674 High Sep 21
  • RES 1: 1.0640 High Oct 11
  • PRICE: 1.0501 @ 16:13 BST Oct 13
  • SUP 1: 1.0448 Low Oct 03 and the bear trigger
  • SUP 2: 1.0406 50.0% retracement of the Sep ‘22 - Jul ‘23 bull leg
  • SUP 3: 1.0335 2.0% 10-dma envelope
  • SUP 4: 1.0291 Low Nov 30 2022

EUR/USD finished higher for a sixth consecutive session on Wednesday, breaking north of the 20-day EMA in the process. As a result, the outlook is beginning to improve for the pair, however momentum measures and the medium-term trend direction remain lower for now. Recent cycle lows printed in recent weeks confirmed a resumption of the downtrend, opening 1.0406, a Fibonacci retracement. A close above the 20-day EMA is required to then open 1.0674 and levels last seen in late September.

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.