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Bear Cycle Still In Play

EURUSD TECHS
  • RES 4: 1.1355 1.382 proj of the May 31 - Jun 22 - Jul 7 price swing
  • RES 3: 1.1313 High Feb 24 2022
  • RES 2: 1.1276 High Jul 18 and the bull trigger
  • RES 1: 1.1147/1229 High Jul 24 / 20
  • PRICE: 1.1047 @ 05:53 BST Jul 26
  • SUP 1: 1.1021 Low Jul 25
  • SUP 2: 1.1012/04 High Jun 22 / Low Jul 12
  • SUP 3: 1.0964 50-day EMA
  • SUP 4: 1.0941 Trendline support drawn from the May 31 low

EURUSD traded lower Tuesday and a bear cycle remains intact The recent pullback appears to be a correction, however, price has cleared 1.1060, the 20-day EMA. The break signals scope for a deeper short-term correction, towards the 50-day EMA at 1.0967. On the upside, the key resistance and bull trigger is unchanged at 1.1276, the Jul 18 high. First resistance is at 1.1147, Monday’s high.

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