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Attention Remains 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: 1.1883 High Aug 21
  • PRICE: 1.1827 @ 16:22 BST Aug 25
  • SUP 1: 1.1754 Low Aug 21
  • SUP 2: 1.1711 Low Aug 12 and the bear trigger
  • SUP 3: 1.1696 Low Aug 3 and a key support
  • SUP 4: 1.1639 Low Jul 27 May 14 low

EURUSD traded slightly firmer ahead of the Tuesday close, holding above recent lows. A bearish threat remains intact following last week's price action. The price pattern on Aug 19 is a bearish engulfing candle that signals a top in the trend. This set-up is reinforced by a bearish divergence condition between price and momentum. Attention is on the key support at 1.1711, Aug 12 low. Initial resistance is at 1.1883, Friday's high.

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