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Back Above The 50-Day EMA

EURUSD TECHS
  • RES 4: 1.1965 50.0% retracement of the May - Aug sell-off
  • RES 3: 1.1945 High Jun 28
  • RES 2: 1.1909 High Jul 30 and a key resistance
  • RES 1: 1.1857 High Sep 01
  • PRICE: 1.1836 @ 05:55 BST Sep 2
  • SUP 1: 1.1779 20-day EMA
  • SUP 2: 1.1735/1664 Low Aug 27 / Low Aug 20 and the bear trigger
  • SUP 3: 1.1621 1.00 proj of the Jan 6 - Mar 31 - May 25 price swing
  • SUP 4: 1.1603 Low Nov 4, 2020

EURUSD traded higher Wednesday and breached 1.1845, Aug 31 high to extend the current recovery. Price is once again above the 50-day EMA and the outlook for bulls will improve materially should it hold above the average. The EMA intersects at 1.1827. Attention is on 1.1909, the Jul 30 high and the next key short-term resistance. On the downside, the support to watch is 1.1735, Aug 27 low. A break would suggest the recent corrective rally is over.

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