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Stable Near The Week’s Lows

EURO-DOLLAR TECHS
  • RES 4: 1.2028 2.0% 10-dma envelope
  • RES 3: 1.2000 Psychological round number
  • RES 2: 1.1978 1.236 proj of May 7 - Jun 10 rally from Jun 19 low
  • RES 1: 1.1916 High Aug 6
  • PRICE: 1.1722 @ 04:56 BST Aug 12
  • SUP 1: 1.1696 Low Aug 3
  • SUP 2: 1.1680/1639 20-day EMA / Low Jul 27
  • SUP 3: 1.1581 Low Jul 24
  • SUP 4: 1.1541 Low Jul 23

The pair traded softer into the Friday close, inching further from the 1.1916 high. The weak Friday close makes a period of consolidation more likely, with bulls needing to secure a close above 1.19 to reignite any uptrend. Momentum indicators were flashing overbought consistently across last week, and a longer pause may relieve some of this pressure. The technical outlook deteriorates below 1.1696. Any persistent move higher will focus on the psychological 1.2000 handle.

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