EURUSD TECHS: Channel Resistance Still Intact
- RES 4: 1.0536 High Jun 29
- RES 3: 1.0488 High Jun 30
- RES 2: 1.0449 High Jul 5
- RES 1: 1.0335/68 Channel top from Feb 10 high / High Aug 10
- PRICE: 1.0253 @ 15:49 BST Aug 12
- SUP 1: 1.0202/0123 Low Aug 10 / 3
- SUP 2: 1.0097 Low Jul 27 and key short-term support
- SUP 3: 1.0064/0.9952 Low Jul 18 / 14 and the bear trigger
- SUP 4: 0.9944 1.618 projection of the Jun 9 - 15 - 27 price swing
EURUSD drifted into the Friday close, but managed to finish with gains on the week. The early rally cleared resistance at 1.0294, the Aug 2 high. The 50-day EMA has been pierced. Price has also traded briefly above the bear channel top, currently at 1.0335. This remains a key resistance and a clear break would strengthen bullish conditions. Note that a deeper pullback would highlight bearish threat instead, and would signal a reversal lower inside the channel. Watch support at 1.0123, Aug 3 low.
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EURUSD TECHS: Downtrend Intact
- RES 4: 1.0530 Bull channel resistance drawn from the Feb 10 high
- RES 3: 1.0449 High Jul 5
- RES 2: 1.0346/59 20-day EMA / Low Jun 15
- RES 1: 1.0191 High Jul 8
- PRICE: 1.0103 @ 16:12 BST Jul 13
- SUP 1: 0..9998/9991 Low Jul 13 / Bear channel base
- SUP 2: 0.9944 1.618 projection of the Jun 9 - 15 - 27 price swing
- SUP 3: 0.9883 1.764 projection of the Jun 9 - 15 - 27 price swing
- SUP 4: 0.9785 2.00 projection of the Jun 9 - 15 - 27 price swing
EURUSD trend conditions remain bearish and the pair - very briefly - showed below parity, the key psychological support. Trend signals suggest scope for a continuation lower and a clear break of 1.00 would open 0.9944, a Fibonacci projection. Note that there is a firm support at 0.9991 - the bear channel base drawn from the Feb 10 high. Initial resistance is seen at Monday’s high of 1.0191. Gains would be considered corrective.
US TSYS/SUPPLY: WI 30Y Bond
WI holding steady ahead the $19B 30Y Bond auction re-open (912810TG3) cut-off:
- 30Y WI holding at 3.140%, compares to last month's re-open stop: 3.185% high yield vs. 3.200% WI.
MNI EXCLUSIVE: MNI Interview With St. Louis Fed's Garriga On Inflation
- MNI interviews Federal Reserve Bank of St. Louis research director Carlos Garriga about inflation
- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
