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Bearish Pressure Returns

EURUSD TECHS
  • RES 4: 1.1965 50.0% retracement of the May - Aug sell-off
  • RES 3: 1.1953 1.0% 10-dma envelope
  • RES 2: 1.1909 High Jul 30 / Sep 03 and a key resistance
  • RES 1: 1.1846 High Sep 14
  • PRICE: 1.1774 @ 06:00 BST Sep 17
  • SUP 1: 1.1750/35 Low Aug 16 / Low Aug 27
  • SUP 2: 1.1664 Low Aug 20 and the bear trigger
  • SUP 3: 1.1621 1.00 proj of the Jan 6 - Mar 31 - May 25 price swing
  • SUP 4: 1.1603 Low Nov 4, 2020

EURUSD maintains a weaker tone and Thursday's sell-off has confirmed a resumption of bearish pressure. The pair has cleared Monday's low of 1.1770 resulting in a print below 1.1758, 61.8% of the Aug 20 - Sep 3 rally. Further weakness would open 1.1735, Aug 27 low ahead of the key support at 1.1664, the Aug 20 low. A break of 1.1664 would strengthen a medium-term bearish case. Initial firm resistance has been defined at 1.1846, Sep 14 high.

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