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Trend Needle Points South

EURUSD TECHS
  • RES 4: 1.1007 High May 10
  • RES 3: 1.0905 High May 16
  • RES 2: 1.0833 50-day EMA values
  • RES 1: 1.0797 20-day EMA
  • PRICE: 1.0715 @ 15:23 BST Jun 5
  • SUP 1: 1.0635 Low May 31 and the bear trigger
  • SUP 2: 1.0608 Low Mar 17
  • SUP 3: 1.0551 Low Mar 16
  • SUP 4: 1.0516 Low Mar 15 and a key support

EURUSD remains below Friday’s high despite the late bounce into the Monday close. Short-term gains are considered corrective and the downtrend remains intact. Fresh trend lows last week reinforce bearish conditions and price is trading below the 20- and 50-day EMAs. 1.0653 has been breached, 76.4% of the Mar 15 - Apr 26 rally and this opens 1.0551, Mar 16 low. A firm resistance is seen at 1.0797, the 20-day EMA. Clearance of this average would ease recent bearish pressure.

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