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Bull Wave Falters

  • RES 4: 1.1396 High Feb 16 2022
  • RES 3: 1.1355 1.382 proj of the May 31 - Jun 22 - Jul 7 price swing:
  • RES 2: 1.1313 High Feb 24 2022
  • RES 1: 1.1274 61.8% retracement of the Jan ‘21 - Sep ‘22 bear leg
  • PRICE: 1.1215 @ 08:08 BST Jul 20
  • SUP 1: 1.1095 High Apr 26 and recent breakout level
  • SUP 2: 1.1012 High Jun 22
  • SUP 3: 1.1004 Low Jul 12
  • SUP 4: 1.0930 20-day EMA

EURUSD faded into the Wednesday close as the recent bull wave faltered. Prices showed below the Monday and Tuesday lows to chew through a small part of the sharp gains posted after US CPI. The pullback follows the failed break of first key resistance at the 1.1274 level, however, moving average studies remain in bull-mode, reinforcing current upward trend conditions. On the downside, initial firm support lies at 1.1095.

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