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Bearish Extension

EURUSD TECHS
  • RES 4: 1.1909 High Jul 30
  • RES 3: 1.1856 50-day EMA
  • RES 2: 1.1784/1805 20-day EMA / High Aug 13
  • RES 1: 1.1742 High Mar 18
  • PRICE: 1.1694 @ 16:57 BST Aug 19
  • SUP 1: 1.1666 Low Aug 19
  • SUP 2: 1.1621 1.00 proj of the Jan 6 - Mar 31 - May 25 price swing
  • SUP 3: 1.1603 Low Nov 4, 2020
  • SUP 4: 1.1495 Hi Mar 9, 2020

EURUSD traded lower again Thursday in line with general USD strength. This week has seen the pair slip through support at 1.1704, Mar 31 low and the 1.1700 handle. The break lower confirms a resumption of the downtrend, reinforcing the prevailing bearish theme. This opens 1.1603 next, the Nov 4, 2020 low. Below here, the immediate post pandemic highs at 1.1495 would likely act as strong psychological and pivot support. Resistance is at 1.1742.

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