Free Trial

Showing Above Bear Channel Resistance

EURUSD TECHS
  • RES 4: 1.2285 High Jan 8
  • RES 3: 1.2243/59 High Feb 25 / 2.0% 10-dma envelope
  • RES 2: 1.2184 High Feb 26
  • RES 1: 1.2113/35 Bear channel top drawn off Jan 6 high / High Apr 28
  • PRICE: 1.2118 @ 20:18 BST Apr 28
  • SUP 1: 1.1994/43 Low Apr 22 / Low Apr 19
  • SUP 2: 1.1861 Low Apr 7 and 8
  • SUP 3: 1.1795 Low Apr 6
  • SUP 4: 1.1738 Low Apr 5

EURUSD showed above the bear channel top drawn off the Jan 6 high in Wednesday trade, gearing the outlook more positive in the short-term. Markets need to confirm a break with a close above the 1.2135 level, but price action look promising ahead of the Wednesday close. This opens the Feb 26 highs at 1.2184 initially ahead of vol band resistance at 1.2259. Support to watch is unchanged at at 1.1994, Apr 22 low.

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

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.