Free Trial

Resumes Its Primary Downtrend

EURUSD TECHS
  • RES 4: 1.0787 High May 30 and a reversal trigger
  • RES 3: 1.0612/0774 50-day EMA / High Jun 9
  • RES 2: 1.0583/1.0615 Channel top from Feb 10 high / High Jun 27
  • RES 1: 1.0449/0522 Intraday low / 20-day EMA
  • PRICE: 1.0314 @ 09:57 BST Jul 5
  • SUP 1: 1.0298 0.764 projection of the Jun 9 - 15 - 27 price swing
  • SUP 2: 1.0233 1.382 proj of Feb 10 - Mar 7 - 31 Price swing
  • SUP 3: 1.0200 1.00 projection of the Jun 9 - 15 - 27 price swing
  • SUP 4: 1.0044 Bear channel base drawn from the Feb 10 high

EURUSD is trading lower today and in the process has breached support at 1.0359, Jun 15 low, and 1.0350, the May 13 low. The break lower confirms a resumption of the primary downtrend and, an extension lower within the bear channel drawn from the Feb 10 high. This signals scope for 1.0233 next, a Fibonacci projection. On the upside, initial firm resistance is seen at 1.0522, the 20-day EMA.

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.