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Challenging The 20-Day EMA

EURUSD TECHS
  • RES 4: 1.0459 Bull channel resistance drawn from the Feb 10 high
  • RES 3: 1.0449 High Jul 5
  • RES 2: 1.0359 Low Jun 15
  • RES 1: 1.0243/78 20-day EMA / High Jul 21
  • PRICE: 1.0215 @ 16:32 BST Jul 25
  • SUP 1: 1.0120 Low Jul 19
  • 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 remains in a S/T bull cycle following the recent recovery from the base of a bear channel drawn from the Feb 10 high. Current consolidation appears to be a bull flag formation and this pattern reinforces bullish conditions. Attention is on the 20-day EMA. A clear breach of it would strengthen bullish conditions and signal scope for an extension within the channel - the top intersects at 1.0459. Initial support is at 1.0120, Jul 19 low.

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