Free Trial

Rallies Sold Into Close

EURUSD TECHS
  • RES 4: 1.1313 High Feb 24 2022
  • RES 3: 1.1276 High Jul 18 and the bull trigger
  • RES 2: 1.1150/1229 High Jul 27 / 20
  • RES 1: 1.1065 High Aug 10
  • PRICE: 1.1013 @ 16:08 BST Aug 10
  • SUP 1: 1.0912 Low Aug 3 and the near-term bear trigger
  • SUP 2: 1.0867 Low Jul 7
  • SUP 3: 1.0834 Low Jul 6 and a key support
  • SUP 4: 1.0804 Low Jun 15

EURUSD broke higher on the back of the US July CPI, prompting a fresh weekly high at 1.1065. This marks a bullish break higher after a consolidation phase, however rallies were sold into the close. The recent break of trendline support drawn from the May 31 low and a breach of the 50-day EMA, strengthened a bearish theme and opens 1.0867, the Jul 7 low, ahead of key support 1.0834, the Jul 6 low. Initial resistance is seen at 1.1065, the Aug 10 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.