Free Trial

Support Remains Exposed

EURUSD TECHS
  • RES 4: 1.1077 76.4% retracement of the Dec 28 - Jan 5 sell-off
  • RES 3: 1.1046 High Jan 2
  • RES 2: 1.0932/98 High Jan 24 / 5 and a reversal trigger
  • RES 1: 1.0853/98 20-day EMA / High Feb 02
  • PRICE: 1.0770 @ 16:55 GMT Feb 7
  • SUP 1: 1.0724/23 Low Dec 8 / Low Feb 5 and 6
  • SUP 2: 1.0712 61.8% retracement of the Oct - Dec bull leg
  • SUP 3: 1.0656 Low Nov 10
  • SUP 4: 1.0611 76.4% retracement of the Oct - Dec bull leg

EURUSD maintains a bearish theme and the pair continues to trade just above its recent lows. The recent break lower confirms a resumption of the downtrend and maintains the bearish sequence of lower lows and lower highs. This has opened 1.0724, the Dec 8 low, and 1.0712, a Fibonacci retracement. Clearance of this support zone would strengthen the bearish theme. Key resistance is 1.0932, the Jan 24 high.

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.