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Bear Cycle Extends

EURUSD TECHS
  • RES 4: 1.0488 High Jun 30
  • RES 3: 1.0449 High Jul 5
  • RES 2: 1.0282/68 Channel top from Feb 10 high / High Aug 10
  • RES 1: 1.0097/0189 Low Jul 27 / 20-day EMA
  • PRICE: 1.0036 @ 06:9 BST Aug 22
  • SUP 1: 1.0007 Low Jul 15
  • SUP 2: 0.9952 Low Jul 14 and the bear trigger
  • SUP 3: 0.9944 1.618 projection of the Jun 9 - 15 - 27 price swing
  • SUP 4: 0.9883 1.764 projection of the Jun 9 - 15 - 27 price swing

EURUSD traded lower last week to extend the recent pullback from 1.0368, the Aug 10 high. The outlook remains bearish. The recent move down has confirmed a short-term reversal and means the pair has failed to clear channel resistance. The bear channel is drawn from the Feb 10 high and intersects at 1.0282. Support at 1.0123, Aug 3 low has been cleared, this opens 1.0007 next. Key resistance is unchanged at 1.0368.

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