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Bearish Divergence And A Bearish Candle Pattern

EURO-DOLLAR TECHS
  • RES 4: 1.2000 Psychological round number
  • RES 3: 1.1996 High May 14, 2018
  • RES 2: 1.1978 1.236 proj of May 7 - Jun 10 rally from Jun 19 low
  • RES 1: 1.1966 Cycle high Aug 18
  • PRICE: 1.1848 @ 05:43 BST Aug 20
  • SUP 1: 1.1755 20-day EMA
  • SUP 2: 1.1711 Low Aug 12 and the bear trigger
  • SUP 3: 1.1696 Low Aug 3 and a key support
  • SUP 4: 1.1581 Low Jul 24

EURUSD sold off sharply and closed at the session lows. While the underlying uptrend remains intact, yesterday's move lower is a signal that suggests the potential start of a correction. The daily pattern is a bearish engulfing candle reversal and is reinforced by a momentum set-up known as bearish divergence between price and momentum. Key resistance and the bull trigger is 1.1966. Further weakness would expose key support at 1.1696.

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