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Channel Base Provides Support

EURUSD TECHS
  • RES 4: 1.1150 High Jul 27
  • RES 3: 1.1065 High Aug 10 and a key resistance
  • RES 2: 1.1005 High Aug 11
  • RES 1: 1.0900 20-day EMA
  • PRICE: 1.0829 @ 15:59 BST Aug 29
  • SUP 1: 1.0773/66 Channel base drawn from Mar 15 / Low Aug 25
  • SUP 2: 1.0733 Low Jun 12
  • SUP 3: 1.0668 Low Jun 7
  • SUP 4: 1.0635 Low May 31 and a key support

The trend needle in EURUSD points south and the recovery from last Friday’s low is considered corrective - for now. Last week’s move down resulted in a test of 1.0773, the base of a bull channel drawn from the Mar 15 low. This level represents an important pivot point and a clear break would strengthen bearish conditions and open 1.0733, the Jun 12 low. Initial firm resistance is at 1.0900, the 20-day EMA.

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

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