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All Eyes Remain On Key Support

EURO-DOLLAR TECHS
  • RES 4: 1.1996 High May 14, 2018
  • RES 3: 1.1978 1.236 proj of May 7 - Jun 10 rally from Jun 19 low
  • RES 2: 1.1966 Cycle high Aug 18
  • RES 1: 1.1929 Intraday high
  • PRICE: 1.1905 @ 05:42 BST Aug 31
  • SUP 1: 1.1754 Low Aug 21 and a key support
  • SUP 2: 1.1711 Low Aug 12 and the bear trigger
  • SUP 3: 1.1696 Low Aug 3
  • SUP 4: 1.1673 Trendline support drawn off the May 14 low

EURUSD ended last week on a firmer note confirming a print above Thursday's high of 1.1901 to trade outside of that day's volatile range. Despite current gains however, attention is still on a potential reversal threat. A bearish engulfing candle pattern on Aug 19, signals a top in the trend. A breach of key resistance at 1.1966, Aug 18 high is required to negate this threat and instead resume the bull trend. Key support to watch is 1.1754/11.

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