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Remains Below Channel Resistance

EURUSD TECHS
  • RES 4: 1.0368 High Aug 10 and a key resistance
  • RES 3: 1.0327 High Aug 12
  • RES 2: 1.0198/0249 High Sep 12 / 76.4% of Aug 10 - Sep 6 downleg
  • RES 1: 1.0096 Bear channel top drawn from the Feb 10 high
  • PRICE: 1.0023 @ 06:06 BST Sep 20
  • SUP 1: 0.9945 Low Sep 16
  • SUP 2: 0.9864 Low Sep 6 and the bear trigger
  • SUP 3: 0.9800 Round number support
  • SUP 4: 0.9785 2.00 projection of the Jun 9 - 15 - 27 price swing

EURUSD gains are considered corrective. The pair remains vulnerable following the Sep 13 reversal and price remains inside the bear channel, drawn from the Feb 10 high. The channel top intersects at 1.0096 and marks a key resistance. A close above it would highlight a stronger reversal and a channel breakout. The trend remains down and moving average studies are in bear mode condition. The bear trigger is 0.9864, the Sep 6 low.

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