Free Trial

Trading Near Its Recent Highs

EURUSD TECHS
  • RES 4: 1.1692 High Oct 28, 2021
  • RES 3: 1.1608 High Nov 9, 2021
  • RES 2: 1.1558 38.2% retracement of the May ‘21 - Jan 28 sell-off
  • RES 1: 1.1483/84 High Jan 14 / Feb 04 and a key resistance
  • PRICE: 1.1416 @ 16:49 GMT Feb 8
  • SUP 1: 1.1341 Bear channel top drawn from the Jun 1, 2021 high
  • SUP 2: 1.1267 Low Jan 2
  • SUP 3: 1.1221/1121 Low Jan 1 / Low Jan 28 and the bear trigger
  • SUP 4: 1.1070 Low May 29, 2020

EURUSD is trading closer to its recent highs. The outlook remains bullish following last week’s gains and clearance of the 20- and 50-day EMAs. The pair also breached the top of its bear channel drawn from the Jun 1 high of last year. The clear break of this channel resistance highlights a more significant reversal. The focus is on 1.1558, a Fibonacci retracement. Initial support is seen at 1.1341.

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.