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Bears Still The Driver’s Seat

EURUSD TECHS
  • RES 4: 1.0327 High Aug 12
  • RES 3: 1.0264 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: 0.9973 @ 16:34 BST Aug 24
  • 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 remains bearish following this week’s breach of the key support and bear trigger at 0.9952, the Jul 14 low. This has confirmed an extension lower inside the bear channel and more importantly confirmed a resumption of the primary downtrend. The focus is on 0.9883 next, a Fibonacci projection while further out, scope is seen for a move towards the channel base at 0.9725. Initial resistance is at 1.0047, Monday’s high.

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