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Buy The Dip Mentality Still Intact

EURO-DOLLAR TECHS
  • RES 4: 1.1935 3.0% 10-dma envelope
  • RES 3: 1.1823 1.00 proj of May 7 - Jun 10 rally from Jun 19 low
  • RES 2: 1.1815 High Sep 2018
  • RES 1: 1.1810 Cycle High Jul 30
  • PRICE: 1.1783 @ 16:33 BST Jul 30
  • SUP 1: 1.1639/1581 Low Jul 27 / Low Jul 24
  • SUP 2: 1.1507 Low Jul 22
  • SUP 3: 1.1501 20-day EMA
  • SUP 4: 1.1423 Low Jul 21

EURUSD remains bullish despite the pullback at the halfway point of the session. The positive theme follows last week's breach of 1.1495, Mar 9 high and this week's extension higher. The recent rally confirmed a resumption of the broader uptrend in place since Mar 20. The focus is on 1.1815, Sep 2018 high. MA and momentum studies maintain the bullish positions but note, the trend is overbought. Initial firm support is 1.1639, Monday's low.

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