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Bearish Price Activity

EURUSD TECHS
  • RES 4: 1.0268 High Aug 15
  • RES 3: 1.0175 High Aug 18 and Channel top from the Feb 10 high
  • RES 2: 1.0090 High Aug 26 and key near-term resistance
  • RES 1: 1.0032 20-day EMA
  • PRICE: 0.9898 @ 06:12 BST Sep 7
  • SUP 1: 0.9864 Low Sep 6
  • SUP 2: 0.9800 Round number support
  • SUP 3: 0.9785 2.00 projection of the Jun 9 - 15 - 27 price swing
  • SUP 4: 0.9637 Channel base drawn from the Feb 10 high

EURUSD remains in a downtrend and the pair traded to a fresh trend low on Tuesday of 0.9864. The break lower reinforces bearish conditions and confirms a resumption of the downtrend as the pair trends down inside its bear channel, drawn from the Feb 10 high. The move lower maintains the bearish price sequence of lower lows and lower highs. The focus is on the 0.9800 handle next. Initial resistance is seen at 1.0032, the 20-day EMA.

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