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Mixed Performances Ahead Of FOMC


Japanese MOF sells Y2.8399tn 1-Year Bills:


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Testing Bear Trigger

  • RES 4: 1.2006 High Jun 29 / Jun 17
  • RES 3: 1.1948/75 38.2% of the May 25 - Jul 21 sell-off / High Jun 25
  • RES 2: 1.1930 High Jun 29
  • RES 1: 1.1899 50-day EMA
  • PRICE: 1.1762 @ 17:47 BST Aug 08
  • SUP 1: 1.1752 Low Jul 21 and the bear trigger
  • SUP 2: 1.1738 Low Apr 5
  • SUP 3: 1.1704 Low Mar 31 and a key support
  • SUP 4: 1.1603 Low Nov 4, 2020

EURUSD finished Friday sharply lower amid broad USD strength. This puts the bear trigger at the July 21 low of 1.1752 under further pressure and will be a focus headed into the new week. For bulls to regain control, markets need to test the 50-day EMA at 1.1899. This average represents a key short-term resistance. A clear break is required to signal scope for a more significant reversal.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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