EURUSD TECHS: Trend Outlook Remains Bearish
- RES 4: 1.0787 High May 30 and a reversal trigger
- RES 3: 1.0774 High Jun 9
- RES 2: 1.0615 High Jun 27 and a key resistance
- RES 1: 1.0359/0467 Low Jun 15 / 20-day EMA
- PRICE: 1.0214 @ 06:15 BST Jul 7
- SUP 1: 1.0162 Low Jul 06
- SUP 2: 1.0102 1.236 projection of the Jun 9 - 15 - 27 price swing
- SUP 3: 1.0035 Bear channel base drawn from the Feb 10 high
- SUP 4: 1.0000 Parity and a key psychological support
EURUSD traded lower once again yesterday and conditions remain bearish. Tuesday's impulsive sell-off resulted in a break of 1.0350, May 13 low, to confirm a resumption of the primary downtrend. This week’s move also highlights an acceleration of the trend and the pair is touching the lowest levels in 20 years. The focus shifts to 1.0102, a Fibonacci projection. Firm resistance is seen at 1.0467, 20-day EMA. Initial resistance is at 1.0359.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
AUDUSD TECHS: Remains Above Support
- RES 4: 0.7465 76.4% retracement of the Apr 5 - May 12 bear leg
- RES 3: 0.7400 Round number resistance
- RES 2: 0.7343 61.8% retracement of the Apr 5 - May 12 bear leg
- RES 1: 0.7283 High Jun 3 and the bull trigger
- PRICE: 0.7175 @ 06:14 BST Jun 7
- SUP 1: 0.7139/7036 20-day EMA / Low May 25
- SUP 2: 0.6950 Low May 18
- SUP 3: 0.6829 Low May 12 and the bear trigger
- SUP 4: 0.6805 Low Jun 22 2020
AUDUSD remains above 0.7139, the 20-day EMA. S/T conditions are bullish. The pair has traded above both the 20- and 50-day EMAs. This strengthens current conditions and signal scope for a climb towards 0.7343, a Fibonacci retracement. Note that the current bull cycle is still considered corrective. A break of the 20-day EMA would threaten the recent recovery. A stronger reversal would refocus attention on the bear trigger at 0.6829, May 12 low.
EURUSD TECHS: Trading Below Its Bear Channel Top
- RES 4: 1.0954 High Apr 11
- RES 3: 1.0936 High Apr 21 and a key resistance
- RES 2: 1.0852 High Apr 22
- RES 1: 1.0760/87 Bear channel top from Feb 10 high / High May 30
- PRICE: 1.0679 @ 06:10 BST Jun 7
- SUP 1: 1.0627/0533 Low Jun 1 / Low May 20
- SUP 2: 1.0461 Low May 18 and19
- SUP 3: 1.0350 Low May 13 and bear trigger
- SUP 4: 1.0341 Low Jan 3 2017 and a key support
EURUSD attention remains on a key short-term resistance and the top of a bear channel drawn from the Feb 10 high. The channel resistance intersects at 1.0760 today and a break is required to strengthen bullish conditions and highlight a stronger short-term reversal. Note that the primary trend remains down. An extension lower, with channel resistance intact, would reinforce a bearish theme and open 1.0533 initially, May 20 low.
BOBL TECHS: (U2) Needle Still Points South
- RES 4: 126.710 High May 26
- RES 3: 125.492 20-day EMA
- RES 2: 125.380 Low May 18
- RES 1: 124.490 / 124.990 High Jun 3 / High Jun 2
- PRICE: 123.780 @ 05:50 BST Jun 7
- SUP 1: 123.740 Intraday low
- SUP 2: 123.570 1.764 proj of the May 12 - 18 - 26 price swing
- SUP 3: 123.10 Low Sep 18 2013
- SUP 4: 123.00 Round number support
Bobl futures started the week on a softer note, resuming its bear leg once again. Price last week traded through former support at 124.840, May 6 low. Fresh cycle lows confirm a resumption of the primary downtrend and maintain the bearish price sequence of lower lows and lower highs. The focus is on the 123.760 next, the Oct 16 2013 low (cont). Initial firm resistance is seen at 125.380, the May 18 low.
