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Still Trading Heavy

EURO-DOLLAR TECHS
  • RES 4: 1.1917 High Sep 10 and a key resistance
  • RES 3: 1.1872 High Sep 21
  • RES 2: 1.1774 High Sep 22
  • RES 1: 1.1719 50-day EMA
  • PRICE: 1.1639 @ 16:09 BST Sep 24
  • SUP 1: 1.1581 Low Jul 24
  • SUP 2: 1.1486 38.2% retracement of the Mar - Sep rally
  • SUP 3: 1.1464 100 dma
  • SUP 4: 1.1422 High Jun 10

EURUSD maintains a bearish tone. This week price has cleared the 50-day EMA reinforcing a bearish threat. Monday's sell-off also saw the pair slip through 1.1738, Sep 17 low confirming bearish signals that were highlighted last week. A trendline break drawn off the May 14 low and a head and shoulders reversal pattern both signalled downside risk. The focus is on 1.16581 next. Initial firm resistance is at 1.1872.

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