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Bounces Ahead of Week’s Lows

EURUSD TECHS
  • RES 4: 1.1965 50.0% retracement of the May - Aug sell-off
  • RES 3: 1.1945 High Jun 28
  • RES 2: 1.1941 1.0% 10-dma envelope
  • RES 1: 1.1909 High Jul 30 / Sep 03 and a key resistance
  • PRICE: 1.1838 @ 18:10 BST Sep 9
  • SUP 1: 1.1794 Low Sep 1
  • SUP 2: 1.1735/1664 Low Aug 27 / Low Aug 20 and the bear trigger
  • SUP 3: 1.1621 1.00 proj of the Jan 6 - Mar 31 - May 25 price swing
  • SUP 4: 1.1603 Low Nov 4, 2020

EURUSD rejected another test of the week's lows Thursday, inching higher into the close. Nonetheless the Thursday bounce does little to change the overarching outlook and needs to top resistance at 1.1909, the Jul 30 and Sep 3 high to progress further. 1.1909 represents a key short-term resistance where a break would strengthen bullish conditions and signal scope for a stronger rally. The support to watch is 1.1735, Aug 27 low. A move through this support would instead suggest the recent rally is over.

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