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EURUSD TECHS: Trend Needle Points South

EURUSD TECHS
USForeign Exchange Technical AnalysisEM BulletCEEMEABulletMarketsEmerging Market NewsForeign Exchange BulletsNorth America
  • RES 4: 1.0937 High Nov 5 / 6 and a key resistance  
  • RES 3: 1.0825 High Nov 7 
  • RES 2: 1.0630 High Dec 06 
  • RES 1: 1.0492/0629 20- and 50-day EMA values
  • PRICE: 1.0424 @ 15:40 GMT Dec 27
  • SUP 1: 1.0343 Low Dec 20
  • SUP 2: 1.0335 Low Nov 22 and the bear trigger
  • SUP 3: 1.0311 1.382 proj of the Sep 25 - Oct 23 - Nov 5 price swing 
  • SUP 4: 1.0258 1.500 proj of the Sep 25 - Oct 23 - Nov 5 price swing    

EURUSD is trading above its recent lows. A bearish threat remains present. The move down last week paves the way for a test of key support at 1.0335, the Nov 22 low and a bear trigger. Clearance of this level would confirm a resumption of downtrend and open 1.0311, a Fibonacci projection. Moving average studies are in a bear-mode position, highlighting a dominant downtrend. Initial firm resistance is at 1.0492, the 20-day EMA.

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  • RES 4: 1.0937 High Nov 5 / 6 and a key resistance  
  • RES 3: 1.0825 High Nov 7 
  • RES 2: 1.0630 High Dec 06 
  • RES 1: 1.0492/0629 20- and 50-day EMA values
  • PRICE: 1.0424 @ 15:40 GMT Dec 27
  • SUP 1: 1.0343 Low Dec 20
  • SUP 2: 1.0335 Low Nov 22 and the bear trigger
  • SUP 3: 1.0311 1.382 proj of the Sep 25 - Oct 23 - Nov 5 price swing 
  • SUP 4: 1.0258 1.500 proj of the Sep 25 - Oct 23 - Nov 5 price swing    

EURUSD is trading above its recent lows. A bearish threat remains present. The move down last week paves the way for a test of key support at 1.0335, the Nov 22 low and a bear trigger. Clearance of this level would confirm a resumption of downtrend and open 1.0311, a Fibonacci projection. Moving average studies are in a bear-mode position, highlighting a dominant downtrend. Initial firm resistance is at 1.0492, the 20-day EMA.