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Remains Heavy

EURUSD TECHS
  • RES 4: 1.2285 High Jan 8
  • RES 3: 1.2243 High Feb 25 and a key resistance
  • RES 2: 1.2207 1.0% 10-dma envelope
  • RES 1: 1.2182/84 High May 11 / High Feb 26
  • PRICE: 1.2069 @ 16:50 BST May 13
  • SUP 1: 1.2052 Low May 13
  • SUP 2: 1.2055 20-day EMA
  • SUP 3: 1.1986 Low May 5 and key short-term support
  • SUP 4: 1.1943 Low Apr 19

EURUSD remains heavy after the considerably higher-than-expected US CPI, which opens a sizeable gap with Tuesday's 1.2182 high. This works against the bullish outlook, particularly as former resistance-turned-support at trendline resistance drawn off the Jan 6 high has given way. MA conditions support a bullish theme, but markets need to take the 1.2184, Feb 26 high to cement.

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