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Bounces Off Yesterday's Low

  • RES 4: 1.2102 76.4% retracement of the 2018 - 2020 downtrend
  • RES 3: 1.2011 High Sep 1 and the bull trigger
  • RES 2: 1.1929 High Sep 2
  • RES 1: 1.1917 High Sep 10 and a key resistance
  • PRICE: 1.1850 @ 05:44 BST Sep 18
  • SUP 1: 1.1738 Low Sep 17
  • SUP 2: 1.1715 50-day EMA
  • SUP 3: 1.1687 23.6% retracement of the Mar - Sep rally
  • SUP 4: 1.1639 Low Jul 27

EURUSD bounced off yesterday's 1.1738 low to close near session highs. A number of bearish technical signals this week suggest the pair remains vulnerable. A break of a trendline support drawn off the May 14 low and what appears to be a head and shoulders reversal on the daily chart highlight downside risk. However, weakness below 1.1738 is required to reinforce this. A break of resistance at 1.1917 would instead reinstate a bullish focus.

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