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Bear Cycle Still In Play

EURUSD TECHS
  • RES 4: 1.0268 High Aug 15
  • RES 3: 1.0184 High Aug 18 and Channel top from the Feb 10 high
  • RES 2: 1.0090 High Aug 26 and key near-term resistance
  • RES 1: 1.0045 20-day EMA
  • PRICE: 0.9945 @ 06:05 BST Sep 6
  • SUP 1: 0.9883/78 1.764 proj of Jun 9-15-27 swing / Low Sep 5
  • SUP 2: 0.9800 Round number support
  • SUP 3: 0.9785 2.00 projection of the Jun 9 - 15 - 27 price swing
  • SUP 4: 0.9646 Channel base drawn from the Feb 10 high

EURUSD remains in a downtrend and the pair traded lower Monday and through support at 0.9901, the Aug 23 low. The break lower confirms a resumption of the downtrend and sets the scene for a bearish extension inside the bear channel, drawn from the Feb 10 high. The move lower also maintains the bearish price sequence of lower lows and lower highs. The focus is on the 0.9800 handle next.

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