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Bull Wave Persists

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: 1.1267 @ 08:10 BST Jul 18
  • 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 has started the Tuesday session on the front foot, pushing to a new multi-week high. This puts prices on track to test the first key resistance at the 1.1274 level. The current upleg was initially triggered by the move above 1.1095, the Apr 26 high and key resistance. The break confirms a resumption of the medium-term uptrend. Moving average studies are in bull-mode position reinforcing current trend conditions. On the downside, initial firm support lies at 1.1095.

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