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Bearish Threat Remains Present

EURUSD TECHS
  • RES 4: 1.0368 High Aug 10 and a key resistance
  • RES 3: 1.0327 High Aug 12
  • RES 2: 1.0198/0249 High Sep 12 / 76.4% of Aug 10 - Sep 6 downleg
  • RES 1: 1.0122 Bear channel top drawn from the Feb 10 high
  • PRICE: 0.9970 @ 05:56 BST Sep 15
  • SUP 1: 0.9956 Low Sep 14
  • SUP 2: 0.9931/9864 Low Sep 8 / 6 and the bear trigger
  • SUP 3: 0.9800 Round number support
  • SUP 4: 0.9785 2.00 projection of the Jun 9 - 15 - 27 price swing

EURUSD remains vulnerable. The pair traded sharply lower Tuesday and remains inside its bear channel, drawn from the Feb 10 high. The channel top intersects at 1.0122 and this level marks a key resistance point. A close above it is required to highlight a channel breakout. This would signal scope for a stronger recovery towards 1.0249 initially, a Fibonacci retracement. An extension lower would expose the bear trigger at 0.9864, the Sep 6 low.

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