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EURGBP TECHS

Bullish Outlook

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Trend Needle Pointing South

EURUSD TECHS
  • RES 4: 1.0852 High Apr 22
  • RES 3: 1.0758 Low Apr 14 and a recent breakout level
  • RES 2: 1.0642 High May 5 and key short-term resistance
  • RES 1: 1.0529/0583 High May 12 / 20-day EMA
  • PRICE: 1.0447 @ 06:22 BST May 17
  • SUP 1: 1.0350 Low May 13 and the bear trigger
  • SUP 2: 1.0341 Low Jan 3 2017 and a key support
  • SUP 3: 1.0333 1.236 proj of the Feb 10 - Mar 7 - 31 price swing
  • SUP 4: 1.0296 2.0% 10-dma envelope

EURUSD gains are likely a correction and the trend direction is down. The pair traded to a fresh cycle low Friday, reinforcing current bearish conditions. Support at 1.0472, Apr 28 low, was breached last week. This confirmed a bear flag breakout and a resumption of the downtrend. MA studies remain in a bear mode condition, highlighting current sentiment. The focus is on 1.0341 next, Jan 3 2017 low and key support. Key resistance is 1.0642, May 5 high.

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  • RES 4: 1.0852 High Apr 22
  • RES 3: 1.0758 Low Apr 14 and a recent breakout level
  • RES 2: 1.0642 High May 5 and key short-term resistance
  • RES 1: 1.0529/0583 High May 12 / 20-day EMA
  • PRICE: 1.0447 @ 06:22 BST May 17
  • SUP 1: 1.0350 Low May 13 and the bear trigger
  • SUP 2: 1.0341 Low Jan 3 2017 and a key support
  • SUP 3: 1.0333 1.236 proj of the Feb 10 - Mar 7 - 31 price swing
  • SUP 4: 1.0296 2.0% 10-dma envelope

EURUSD gains are likely a correction and the trend direction is down. The pair traded to a fresh cycle low Friday, reinforcing current bearish conditions. Support at 1.0472, Apr 28 low, was breached last week. This confirmed a bear flag breakout and a resumption of the downtrend. MA studies remain in a bear mode condition, highlighting current sentiment. The focus is on 1.0341 next, Jan 3 2017 low and key support. Key resistance is 1.0642, May 5 high.