EURUSD TECHS: Trend Needle Points North
- RES 4: 1.1185 High Mar 31 2022
- RES 3: 1.1095 High Apr 26 and key resistance
- RES 2: 1.1054 High May 8
- RES 1: 1.0986 61.8% retracement of the Apr 26 - May 31 downleg
- PRICE: 1.0951 @ 16:44 BST Jun 21
- SUP 1: 1.0864 High Jun 14
- SUP 2: 1.0827/0804 20-day EMA / Low Jun 15
- SUP 3: 1.0733 Low Jun 12
- SUP 4: 1.0667/35 Low Jun 6 / Low May 31 and the bear trigger
A bullish theme in EURUSD remains intact and the pair is trading closer to its recent highs. Price rallied sharply higher last week, extending the bull cycle that started at 1.0635 on May 31. A number of important retracement points have been cleared, reinforcing bullish conditions and this opens 1.0986, 76.4% of the Apr 26 - May 31 downleg. Clearance of this level would expose 1.1054, the May 8 high. Initial firm support is 1.0804, the Jun 15 low.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EURUSD TECHS: Trend Condition Remains Bearish
- RES 4: 1.1127 1.00 projection of the Mar 15 - 23 - 24 price swing
- RES 3: 1.1054/95 High May 8 / High Apr 26 and key resistance
- RES 2: 1.1007 High May 10
- RES 1: 1.0881/0908 50- and 20-day EMA values
- PRICE: 1.0803 @ 16:04 BST May 22
- SUP 1: 1.0760 Low May 19
- SUP 2: 1.0737 61.8% retracement of the Mar 15 - Apr 26 bull run
- SUP 3: 1.0713 Low Mar 24
- SUP 4: 1.0653 76.4% retracement of the Mar 15 - Apr 26 bull run
EURUSD trend conditions remain bearish following last week’s extension of the bear leg that started on Apr 26. The 50-day EMA, at 1.0881 and a former key support, has recently been breached. This strengthened bearish conditions and signals scope for a continuation lower towards 1.0737 next, a Fibonacci retracement. Clearance of this level would open 1.0713, the Mar 24 low. A firm resistance is seen at 1.0908, the 20-day EMA.
OPTIONS: Quieter Session After Massive Upside Plays Last Week
Monday's Europe rates / bond options flow included:
- ERU3 96.25/96.625 cs vs 95.875 puts bought for 3.25 in 2.5k
US: No More Debt Limit Talks Before Biden-McCarthy Meeting
Manu Raju at CNN has reported that there will be no more debt limit talks before the key meeting between President Biden and House Speaker McCarthy (R-CA) at 17:30 ET 22:30 BST today.
- Raju tweets: "Meeting between WH officials and GOP Reps. McHenry and Graves has ended. No other meetings before McCarthy-Biden meet. “I'm concerned about getting a deal that can pass the House, the Senate, and signed by the President. It's a complicated piece of math, it is,” McHenry said."
- Raju: “We’re at a very sensitive point here, and the goal is to get something that can be legislated into law," McHenry told reporters, per [Morgan Rimmer]. "I think people have goodwill.”
