Free Trial

Resistance Remains Intact

EURUSD TECHS
  • RES 4: 1.0327 High Aug 12
  • RES 3: 1.0211 Channel top drawn from the Feb 10 high
  • RES 2: 1.0193 High Aug 18
  • RES 1: 1.0090 High Aug 26 and key near-term resistance
  • PRICE: 1.0009 @ 06:07 BST Sep 1
  • SUP 1: 0.9972/9883 Low Aug 31 / 1.764 proj of Jun 9-15-27 swing
  • SUP 2: 0.9800 Round number support
  • SUP 3: 0.9785 2.00 projection of the Jun 9 - 15 - 27 price swing
  • SUP 4: 0.9672 Channel base drawn from the Feb 10 high

EURUSD remains vulnerable and recent gains are considered corrective. The is trading below 1.0090, Aug 26 high and a key near-term resistance. The downtrend is intact and moving average studies still highlight bearish sentiment. Recent weakness resulted in breach of former key support at 0.9952, Jul 14 low. This confirmed a resumption of the primary downtrend. The focus is on 0.9883 next, a Fibonacci projection.

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.