Free Trial

Rally Erased

EURUSD TECHS
  • RES 4: 1.1755 High Sep 22
  • RES 3: 1.1594/92 Bear channel top from Jun 1 high / High Oct 28
  • RES 2: 1.1514 Low Nov 5
  • RES 1: 1.1383 High Nov 30
  • PRICE: 1.1287 @ 17:00 GMT Nov 30
  • SUP 1: 1.1236 Low Nov 30
  • SUP 2: 1.1186/85 Low Nov 24 / Low Jul 1, 2020
  • SUP 3: 1.1128 1.764 proj of the Jan 6 - Mar 31 - May 25 price swing
  • SUP 4: 1.1040 76.4% retracement of the Mar ‘20 - Jan ‘21 uptrend

EURUSD extended recent strength into the US crossover before hawkish Powell comments prompted a sharp reversal into the close - erasing the entirety of the session’s gains. The pullback put prices at new weekly lows of 1.1236 before the rate stabilised, but negated near-term bullish signals in the process. A resumption of weakness would refocus attention on the bear trigger at 1.1186/85, while bulls need to rise through the day’s high of 1.1383.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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.