EURUSD TECHS: Bearish Threat Remains Present
- RES 4: 1.0852 High Apr 22
- RES 3: 1.0787 High May 30
- RES 2: 1.0689/0774 Bear channel top from Feb 10 high / High Jun 9
- RES 1: 1.0601 High Jun 16
- PRICE: 1.0525 @ 06:10 BST Jun 17
- SUP 1: 1.0359 Low Jun 15
- SUP 2: 1.0350 Low May 13 and bear trigger
- SUP 3: 1.0341 Low Jan 3 2017 and a key support
- SUP 4: 1.0168 Bear channel base, drawn from the Feb 10 high
EURUSD traded higher Thursday after a volatile session. A bearish threat remains present. Recent weakness, following a recent reversal at the top of the bear channel drawn from the Feb 10 high, highlights a bearish threat. The channel top intersects at 1.0689 today. The reversal lower also signals a resumption of the primary downtrend and attention is on 1.0350, May 13 low. Initial firm resistance is at 1.0601, Thursday’s high.
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BTP TECHS: (M2) Still Trading Above Recent Lows
- RES 4: 135.23 High Apr 14
- RES 3: 133.96 50-day EMA
- RES 2: 133.53 High Apr 28
- RES 1: 131.24 High May 12
- PRICE: 128.51 @ Close May 17
- SUP 1: 127.24/125.54 Low May 11 / Low May 9 and the bear trigger
- SUP 2: 125.02 1.236 proj of the Mar 1 - 29 - 31 price swing
- SUP 3: 124.02 Low Mar 18 2020 (cont) and a major support
- SUP 4: 123.41 1.382 proj of the of the Mar 1 - 29 - 31 price swing
The trend condition in BTP futures is bearish and the primary direction remains down. A corrective (bullish) cycle has recently been established and the contract has traded above a trendline resistance drawn from the Mar 1 high. A resumption of strength would signal scope for a move towards 133.53, Apr 28 high. Key support has been defined at 125.54, the May 9 low and a bear trigger. A break would resume the downtrend.
GILT TECHS: (M2) Trend Needle Still Points South
- RES 4: 122.72 High Mar 18
- RES 3: 122.35 High Apr 4
- RES 2: 121.84 50.0% retracement of the Mar 1 - May 9 bear leg
- RES 1: 119.78/121.07 High May 17 / High May 12
- PRICE: 118.84 @ Close May 17
- SUP 1: 118.25 Low May 11
- SUP 2: 116.87 Low May 9 and the bear trigger
- SUP 3: 116.35 Low Dec 30 2015 (cont)
- SUP 4: 115.40 1.00 proj of the Mar 1 - 28 - Apr 4 price swing
The primary trend direction in Gilt futures remains down. The pullback from recent highs, just above the 50-day EMA, suggests the recent correction higher is over. If correct, a continuation lower would open the key support and bear trigger at 116.87, May 9 low. Key short-term resistance has been defined at 121.07, May 12 high, where a break is required to reinstate a bullish short-term bullish theme.
EUROSTOXX50 TECHS: (M2) Probes Resistance At The The 50-Day EMA
- RES 4: 3944.00 High Mar 29 and a key resistance
- RES 3: 3883.00 High Apr 21
- RES 2: 3775.00 High May 5
- RES 1: 3745.00 Intraday high
- PRICE: 3726.00 @ 05:30 BST May 18
- SUP 1: 3599.00/3466.00 Low May 13 / Low May 10 and bear trigger
- SUP 2: 3458.90 76.4% retracement of the Mar 7 - 29 rally
- SUP 3: 3400.00 Round number support
- SUP 4: 3309.00 Low Mar 7 and a major support
The primary trend direction in EUROSTOXX 50 futures remains down. However, a corrective cycle is in play following the recovery from 3466.00, May 10 low. Price traded higher Tuesday and the contract is holding on to its recent gains. Attention is on 3739.60, the 50-day EMA. This average has been probed and a clear break would improve a short-term bullish theme and open 3775.00, the May 5 high. Key support and the bear trigger is 34666.00.
