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Bear Cycle Extends

EURUSD TECHS
  • RES 4: 1.1150 High Jul 27
  • RES 3: 1.1065 High Aug 10 and a key resistance
  • RES 2: 1.1005 High AUg 11
  • RES 1: 1.0940 20-day EMA
  • PRICE: 1.0815 @ 10:51 BST Aug 23
  • SUP 1: 1.0804 Low Jun 15
  • SUP 2: 1.0799 1.0% 10-dma envelope
  • SUP 3: 1.0765 Bull channel base drawn from the Mar 15 low
  • SUP 4: 1.0733 Low Jun 12

The trend needle in EURUSD continues to point south and today’s move lower reinforces the current bearish condition. The pair has traded to fresh cycle low this week and has cleared support at 1.0834 in the process, the Aug 22 low. Price is trading lower inside a bull channel drawn from the Mar 15 low. The base lies at 1.0765 and represents the next objective. Initial firm resistance is seen at 1.0940, the 20-day EMA.

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