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Bearish Threat Still Present

EURO-DOLLAR TECHS
  • RES 4: 1.1996 High May 14, 2018
  • RES 3: 1.1978 1.236 proj of May 7 - Jun 10 rally from Jun 19 low
  • RES 2: 1.1966 Cycle high Aug 18
  • RES 1: 1.1883 High Aug 21
  • PRICE: 1.1830 @ 10:23 BST Aug 27
  • SUP 1: 1.1754 Low Aug 21
  • SUP 2: 1.1711 Low Aug 12 and the bear trigger
  • SUP 3: 1.1696 Low Aug 3 and a key support
  • SUP 4: 1.1639 Low Jul 27 May 14 low

EURUSD is unchanged and consolidating. The near-term focus is still on a bearish threat that has appeared following last week's price action. A bearish engulfing candle formation on Aug 19, signals a top in the trend. This set-up has been reinforced by a bearish divergence condition between price and momentum. The focus is on the key support at 1.1711, Aug 12 low and the reversal trigger. Initial resistance is at 1.1883, Aug 21 high.

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