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Remains Vulnerable

EURUSD TECHS
  • RES 4: 1.2414 High Apr 17, 2018
  • RES 3: 1.2349/53 High Jan 6 / High Apr 20, 2018
  • RES 2: 1.2266/85 High May 25 and the bull trigger / High Jan 8
  • RES 1: 1.2218 High Jun 9
  • PRICE: 1.2169 @ 16:41 BST Jun 10
  • SUP 1: 1.2108/2104 50-day EMA / Low Jun 4 and key S/T support
  • SUP 2: 1.2052 Low May 13
  • SUP 3: 1.1986 Low May 5
  • SUP 4: 1.1919 61.8% retracement of the Mar 31 - May 25 rally

EURUSD failed to hold onto Wednesday's gains and the ECB did little to sway prices in either direction. The pair remains vulnerable following a sharp pullback Jun 3 that saw price trade through initial support at 1.2133, May 28 low. This highlights potential for a deeper correction and attention remains on the 50-day EMA at 1.2108. The EMA represents a key area of support ahead of 1.2104, the Jun 4 low. On the upside, primary resistance is unchanged at 1.2266, May 25 high.

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

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