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Scope For Deeper Pullback

EURUSD TECHS
  • RES 4: 1.2414 High Apr 17, 2018
  • RES 3: 1.2349/53 High Jan 6 / High Apr 20, 2018
  • RES 2: 1.2285 High Jan 8
  • RES 1: 1.2266 High May 25 and the bull trigger
  • PRICE: 1.2136 @ 16:02 BST Jun 3
  • SUP 1: 1.2127/26 Low Jun 3 / Low May 17
  • SUP 2: 1.2095 50-day EMA
  • SUP 3: 1.2052 Low May 13 and key short-term support
  • SUP 4: 1.1986 Low May 5

The EURUSD outlook deteriorated Thursday, with prices showing below the first support at 1.2133, the May 28 low. This signals scope for a deeper corrective pullback, which initially opens key short-term support at 1.2052 and the 50-day EMA of 1.2095. The bull trigger holds at 1.2266 resistance, May 25 high. A break would confirm a resumption of the uptrend and open 1.2285, Jan 8 high and the 2021 high of 1.2349, Jan 6 high.

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

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