Free Trial

Sharp Sell Off From Weekly Highs

EURUSD TECHS
  • RES 4: 1.2349 High Jan 6
  • RES 3: 1.2255 76.4% Jan - Feb Sell Off
  • RES 2: 1.2252 1.0% 10-dma Envelope
  • RES 1: 1.2243 High Feb 25
  • PRICE: 1.2102 @ 16:41 GMT Feb 26
  • SUP 1: 1.2082 Low Feb 19
  • SUP 2: 1.2023 Low Feb 17
  • SUP 3: 1.1952 Low Feb 5 and the bear trigger
  • SUP 4: 1.1945 23.6% retracement March - Jan rally

After hitting multi-week highs of 1.2243 Thursday, the single currency reversed to hit new weekly lows ahead of the Friday close. The key short-term support is at 1.2023. A break would be bearish and expose 1.1952, Feb 5 low. The mid-week rally, however, extended the recovery from the February lows and narrows the gap with key Fib resistance at 1.2255. A break above here opens the 2021 highs of 1.2349 - which marks a major level for the pair.

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.