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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: 1.0823 50-day EMA values
  • RES 1: 1.0780 20-day EMA
  • PRICE: 1.0690 @ 05:49 BST Jun 7
  • SUP 1: 1.0667/35 Low Jun 6 / 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 is unchanged and trend conditions remain bearish. Fresh cycle lows last week reinforce the bearish theme and price continues to trade below the 20- and 50-day EMAs. The recent breach of 1.0653, 76.4% of the Mar 15 - Apr 26 rally, opens 1.0551, the Mar 16 low. A firm resistance is seen at 1.0780, the 20-day EMA. A break of this average would ease bearish pressure and signal scope for a stronger correction.

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