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Bearish Price Sequence Extends

EURUSD TECHS
  • RES 4: 1.2006 High Jun 29 / Jun 17
  • RES 3: 1.1949/75 50-day EMA / High Jun 25
  • RES 2: 1.1930 High Jun 29
  • RES 1: 1.1851/1881 High Jul 15 / High Jul 9
  • PRICE: 1.1799 @ 16:51 BST Jul 21
  • SUP 1: 1.1756 Low Jul 20
  • SUP 2: 1.1738 Low Apr 5
  • SUP 3: 1.1704 Low Mar 31 and a key support
  • SUP 4: 1.1603 Low Nov 4, 2020

EURUSD maintains a bearish theme and is trading near recent lows. The fresh low print Tuesday extends the bearish price sequence of lower lows and lows and lower highs and this cements the bearish outlook. The focus is on 1.1704, Mar 31 low. With the imminent formation of a death cross (50- breaking below the 200-dma), the focus remains lower. A break of 1.1704 would strengthen the bullish case. Initial firm resistance is at 1.1851.

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