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Bear Trend Resumes

EURUSD TECHS
  • RES 4: 1.0198/0249 High Sep 12 / 76.4% of Aug 10 - Sep 6 downleg
  • RES 3: 1.0078 Bear channel top drawn from the Feb 10 high
  • RES 2: 1.0001 20-day EMA
  • RES 1: 0.9945 Low Sep 16
  • PRICE: 0.9847 @ 15:29 BST Sep 22
  • SUP 1: 0.9800 Round number support
  • SUP 2: 0.9785 2.00 projection of the Jun 9 - 15 - 27 price swing
  • SUP 3: 0.9694 1.00 projection of the Aug 10 - Sep 6 - 12 price swing
  • SUP 4: 0.9613 Low Sep 2002

EURUSD traded lower Wednesday, resuming the downtrend following the break of support at 0.9864, Sep 6 low. The move lower maintains the bearish price sequence of lower lows and lower highs - the definition of a bear trend. Price is also lower inside the bear channel drawn from the Feb 10 high. The focus is on 0.9694, a Fibonacci projection. Resistance is seen at 0.9945, the Sep 16 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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