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Trades Through Initial Resistance

EURUSD TECHS


  • RES 4: 1.0916 High Jun 04 and the bull trigger
  • RES 3: 1.0852 High High Jun 12
  • RES 2: 1.0820 61.8% retracement of the Jun 4 - 26 downleg
  • RES 1: 1.0791 50.0% retracement of the Jun 4 - 26 downleg
  • PRICE: 1.0783 @ 14:27 BST Jul 3
  • SUP 1: 1.0710/0666 Low Jul 2 / Low Jun 26 and the bear trigger
  • SUP 2: 1.0650 Low May 1
  • SUP 3: 1.0601 Low Apr 16 and a key support
  • SUP 4: 1.0568 Low Nov 2

EURUSD has traded higher today and in the process breached Monday’s peak of 1.0776. Note that price is also through an important resistance at 1.0770, the 50-day EMA. A clear break of this EMA would undermine the recent bearish theme and signal scope for a recovery towards 1.0820, 61.8% of the Jun 4 - 26 downleg. For bears, a resumption of weakness would refocus attention on the bear trigger at 1.0666, Jun 26 low.

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  • RES 4: 1.0916 High Jun 04 and the bull trigger
  • RES 3: 1.0852 High High Jun 12
  • RES 2: 1.0820 61.8% retracement of the Jun 4 - 26 downleg
  • RES 1: 1.0791 50.0% retracement of the Jun 4 - 26 downleg
  • PRICE: 1.0783 @ 14:27 BST Jul 3
  • SUP 1: 1.0710/0666 Low Jul 2 / Low Jun 26 and the bear trigger
  • SUP 2: 1.0650 Low May 1
  • SUP 3: 1.0601 Low Apr 16 and a key support
  • SUP 4: 1.0568 Low Nov 2

EURUSD has traded higher today and in the process breached Monday’s peak of 1.0776. Note that price is also through an important resistance at 1.0770, the 50-day EMA. A clear break of this EMA would undermine the recent bearish theme and signal scope for a recovery towards 1.0820, 61.8% of the Jun 4 - 26 downleg. For bears, a resumption of weakness would refocus attention on the bear trigger at 1.0666, Jun 26 low.