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Approaching The Base Of Its Bear Channel

EURUSD TECHS
  • RES 4: 1.0060 Bear channel top drawn from the Feb 10 high
  • RES 3: 0.9956 20-day EMA
  • RES 2: 0.9852 High Sep 23
  • RES 1: 0.9710 Intraday high
  • PRICE: 0.9675 @ 15:24 BST Sep 26
  • SUP 1: 0.9554 Low Sep 26
  • SUP 2: 0.9522 Bear channel base drawn from the Feb 10 high
  • SUP 3: 0.9501 1.382 projection of the Aug 10 - Sep 6 - 12 price swing
  • SUP 4: 0.9442 1.50 projection of the Aug 10 - Sep 6 - 12 price swing

EURUSD remains vulnerable and has started this week on a bearish note. The break lower confirms a resumption of the primary downtrend - reinforced too by last week’s breach of 0.9864, the Sep 6 low. The move lower maintains the bearish price sequence of lower lows and lower highs. Price is also trending lower inside a bear channel drawn from the Feb 10 high. The channel base intersects at 0.9522.

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  • RES 4: 1.0060 Bear channel top drawn from the Feb 10 high
  • RES 3: 0.9956 20-day EMA
  • RES 2: 0.9852 High Sep 23
  • RES 1: 0.9710 Intraday high
  • PRICE: 0.9675 @ 15:24 BST Sep 26
  • SUP 1: 0.9554 Low Sep 26
  • SUP 2: 0.9522 Bear channel base drawn from the Feb 10 high
  • SUP 3: 0.9501 1.382 projection of the Aug 10 - Sep 6 - 12 price swing
  • SUP 4: 0.9442 1.50 projection of the Aug 10 - Sep 6 - 12 price swing

EURUSD remains vulnerable and has started this week on a bearish note. The break lower confirms a resumption of the primary downtrend - reinforced too by last week’s breach of 0.9864, the Sep 6 low. The move lower maintains the bearish price sequence of lower lows and lower highs. Price is also trending lower inside a bear channel drawn from the Feb 10 high. The channel base intersects at 0.9522.