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Bull Flag Falters

EURUSD TECHS
  • RES 4: 1.0450Bull channel resistance drawn from the Feb 10 high
  • RES 3: 1.0405 50-day EMA
  • RES 2: 1.0359 Low Jun 15
  • RES 1: 1.0241/78 20-day EMA / High Jul 21
  • PRICE: 1.0135 @ 16:02 BST Jul 26
  • SUP 1: 1.0116 Low Jul 26
  • SUP 2: 1.0064/0.9952 Low Jul 18 / 14 and the bear trigger
  • SUP 3: 0.9944 1.618 projection of the Jun 9 - 15 - 27 price swing
  • SUP 4: 0.9883 1.764 projection of the Jun 9 - 15 - 27 price swing

EURUSD swung lower into the Tuesday close. This refutes the short-term bull cycle that had been in place for the recovery off the mid-July lows. This also works against the formation of a potential bull flag and raises the risk of a return back toward the bottom-end of the bear channel drawn off the February high. To the upside, attention is on the 20-day EMA. A clear breach here would strengthen bullish conditions and signal scope for an extension within the channel - the top intersects at 1.0459. Initial support drops lower to the bear trigger of 0.9952.

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

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