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Bears Pause For Breath

EURUSD TECHS
  • RES 4: 1.0327 High Aug 12
  • RES 3: 1.0255 Channel top drawn from the Feb 10 high
  • RES 2: 1.0097/0147 Low Jul 27 / 20-day EMA
  • RES 1: 1.0047 High Aug 22
  • PRICE: 0.9968 @ 16:40 BST Aug 25
  • SUP 1: 0.9883 1.764 projection of the Jun 9 - 15 - 27 price swing
  • SUP 2: 0.9800 Round number support
  • SUP 3: 0.9785 2.00 projection of the Jun 9 - 15 - 27 price swing
  • SUP 4: 0.9734 Channel base drawn from the Feb 10 high

EURUSD bears have paused for breath and the pair remains above Tuesday’s low. The outlook is bearish following this week’s breach of 0.9952, Jul 14 low. This confirmed an extension lower inside the bear channel and more importantly a resumption of the primary downtrend. The focus is on 0.9883 next, a Fibonacci projection. Further out, scope is seen for a move towards the channel base at 0.9717. Initial resistance is at 1.0047.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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