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Watching Resistance At The 50-Day EMA

EURUSD TECHS
  • RES 4: 1.0935 High May 12
  • RES 3: 1.0919 61.8% retracement of the Apr 26 - May 31 downleg
  • RES 2: 1.0905 High May 16
  • RES 1: 1.0865 50.0% retracement of the Apr 26 - May 31 downleg
  • PRICE: 1.0813 @ 05:27 BST Jun 15
  • SUP 1: 1.0733 Low Jun 12
  • SUP 2: 1.0667/35 Low Jun 6 / Low May 31 and the bear trigger
  • SUP 3: 1.0608 Low Mar 17
  • SUP 4: 1.0551 Low Mar 16

EURUSD traded above resistance at 1.0812 yesterday, the 50-day EMA. A clear break of the average would signal scope for an extension higher and open 1.0865 initially, a Fibonacci retracement. Note that the current trend condition remains bearish and the latest bounce still appears to be a correction. A failure to clear the 50-day average would signal a top. Initial firm support is at 1.0733, the Jun 12 low. Key support lies at 1.0635, May 31 low.

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