Free Trial

Recent Gains Appear To Be A Correction

EURUSD TECHS
  • RES 4: 1.0943 High Mar 21
  • RES 3: 1.0885 High Apr 09
  • RES 2: 1.0780 50-day EMA
  • RES 1: 1.0726/53 20-day EMA / High Apr 26
  • PRICE: 1.0686 @ 16:57 BST Apr 26
  • SUP 1: 1.0601 Low Apr 16
  • SUP 2: 1.0568 Low Nov 2 ‘23
  • SUP 3: 1.0531 Base of a bear channel drawn from the Dec 28 high
  • SUP 4: 1.0517 Low Nov 1 ‘23

EURUSD pierced resistance at 1.0726 last week, the 20-day EMA. The recent move higher appears to be a correction that is allowing an oversold condition to unwind. A resumption of the downtrend would signal scope for weakness towards 1.0568 next, the Nov 2 2023 low, and 1.0531, the base of a bear channel drawn from the Dec 28 high. A clear break of the 20-day EMA would instead signal scope for a stronger recovery.

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.