Free Trial

Remains Bearish Inside Its Bear Channel

EURUSD TECHS
  • RES 4: 1.0034 Bear channel top drawn from the Feb 10 high
  • RES 3: 0.9892 20-day EMA
  • RES 2: 0.9852 High Sep 23
  • RES 1: 0.9760 High Sep 29
  • PRICE: 0.9741 @ 15:30 BST Sep 29
  • SUP 1: 0.9536 Low Sep 28
  • SUP 2: 0.9501 1.382 projection of the Aug 10 - Sep 6 - 12 price swing
  • SUP 3: 0.9495 Bear channel base drawn from the Feb 10 high
  • SUP 4: 0.9442 1.50 projection of the Aug 10 - Sep 6 - 12 price swing

EURUSD short-term gains are considered corrective and trend signals continue to point south. Fresh trend lows this week reinforce bearish conditions, signalling scope for a continuation. The move lower also maintains the bearish price sequence of lower lows and lower highs. Price is approaching the base of a bear channel drawn from the Feb 10 high. The channel intersects at 0.9495 and represents a key support.

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.