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Taking on Weight

EURUSD TECHS
  • RES 4: 1.2285 High Jan 8
  • RES 3: 1.2243 High Feb 25 and a key resistance
  • RES 2: 1.2207 1.0% 10-dma envelope
  • RES 1: 1.2182/84 High May 11 / High Feb 26
  • PRICE: 1.2082 @ 16:05 BST May 12
  • SUP 1: 1.2066 Low May 12
  • SUP 2: 1.2052 20-day EMA
  • SUP 3: 1.1986 Low May 5 and key short-term support
  • SUP 4: 1.1943 Low Apr 19

EURUSD took on weight after considerably higher-than-expected US CPI, which opens a sizeable gap with Tuesday's 1.2182 high. This works against the bullish outlook, particularly as former resistance-turned-support at trendline resistance drawn off the Jan 6 high has given way. MA conditions support a bullish theme, but markets need to take 1.2184, Feb 26 high to cement.

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

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