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Channel Resistance Still Intact

  • RES 4: 1.0536 High Jun 29
  • RES 3: 1.0488 High Jun 30
  • RES 2: 1.0449 High Jul 5
  • RES 1: 1.0335/68 Channel top from Feb 10 high / High Aug 10
  • PRICE: 1.0253 @ 15:49 BST Aug 12
  • SUP 1: 1.0202/0123 Low Aug 10 / 3
  • SUP 2: 1.0097 Low Jul 27 and key short-term support
  • SUP 3: 1.0064/0.9952 Low Jul 18 / 14 and the bear trigger
  • SUP 4: 0.9944 1.618 projection of the Jun 9 - 15 - 27 price swing

EURUSD drifted into the Friday close, but managed to finish with gains on the week. The early rally cleared resistance at 1.0294, the Aug 2 high. The 50-day EMA has been pierced. Price has also traded briefly above the bear channel top, currently at 1.0335. This remains a key resistance and a clear break would strengthen bullish conditions. Note that a deeper pullback would highlight bearish threat instead, and would signal a reversal lower inside the channel. Watch support at 1.0123, Aug 3 low.

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