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Bull Wave Falters

EURUSD TECHS
  • 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: 1.1125 @ 08:51 BST Jul 21
  • 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 further Thursday, hitting the week’s lowest levels ahead of the close. Prices continue to chew through a small part of the sharp gains posted after US CPI last week, with the weakness following the failed break of first key resistance at 1.1274 level. Nonetheless, moving average studies remain in bull-mode, reinforcing current upward trend conditions. On the downside, initial firm support lies at 1.1095.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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