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Bearish Threat Still 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: 1.0113 Bear channel top drawn from the Feb 10 high
  • PRICE: 0.9996 @ 19:23 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 following Tuesday’s move lower. Price remains inside the bear channel, drawn from the Feb 10 high. The channel top intersects at 1.0113 and this level marks a key resistance point. A close above it is required to highlight a channel breakout. The trend direction remains down as highlighted by bearish moving average studies. An extension lower would expose the bear trigger at 0.9864, the Sep 6 low.

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