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Struggling To Stay Above Bear Channel Resistance

EURUSD TECHS
  • RES 4: 1.0400 Round number resistance
  • RES 3: 1.0368 High Aug 10 and a key resistance
  • RES 2: 1.0327 High Aug 12
  • RES 1: 1.0198/0249 High Sep 12 / 76.4% of Aug 10 - Sep 6 downleg
  • PRICE: 1.0032 @ 15:16 BST Sep 13
  • SUP 1: 0.9995 Low Sep 9
  • SUP 2: 0.9931/9864 Low Sep 8 / 6 and the bear trigger
  • SUP 3: 0.9800 Round number support
  • SUP 4: 0.9785 2.00 projection of the Jun 9 - 15 - 27 price swing

EURUSD is struggling to confirm a clear break of resistance at the bear channel top, drawn from the Feb 10 high. The channel top intersects at 1.0140 and a close above this level is required to highlight a clear breach. This would signal scope for a stronger recovery towards 1.0249 initially, a Fibonacci retracement. A deeper pullback would instead expose the bear trigger at 0.9864, the Sep 6 low. The broader trend direction remains down.

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  • RES 4: 1.0400 Round number resistance
  • RES 3: 1.0368 High Aug 10 and a key resistance
  • RES 2: 1.0327 High Aug 12
  • RES 1: 1.0198/0249 High Sep 12 / 76.4% of Aug 10 - Sep 6 downleg
  • PRICE: 1.0032 @ 15:16 BST Sep 13
  • SUP 1: 0.9995 Low Sep 9
  • SUP 2: 0.9931/9864 Low Sep 8 / 6 and the bear trigger
  • SUP 3: 0.9800 Round number support
  • SUP 4: 0.9785 2.00 projection of the Jun 9 - 15 - 27 price swing

EURUSD is struggling to confirm a clear break of resistance at the bear channel top, drawn from the Feb 10 high. The channel top intersects at 1.0140 and a close above this level is required to highlight a clear breach. This would signal scope for a stronger recovery towards 1.0249 initially, a Fibonacci retracement. A deeper pullback would instead expose the bear trigger at 0.9864, the Sep 6 low. The broader trend direction remains down.