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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: 1.0703 @ 16:11 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 reversed an intraday spike higher into the Wednesday close, reinforcing the underlying bearish theme in the pair. 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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