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Free AccessCircling August Low
- RES 4: 1.2030 2.0% 10-dma envelope
- RES 3: 1.2000 Psychological round number
- RES 2: 1.1978 1.236 proj of May 7 - Jun 10 rally from Jun 19 low
- RES 1: 1.1916 High Aug 6
- PRICE: 1.1813 @ 04:22 BST Aug 13
- SUP 1: 1.1696 Low Aug 3
- SUP 2: 1.1698/1639 20-day EMA / Low Jul 27
- SUP 3: 1.1581 Low Jul 24
- SUP 4: 1.1541 Low Jul 23
EUR/USD remains at the lower end of the August range, although the pair briefly hit a new weekly high above $1.18. Nonetheless, August highs at 1.1916 are out of reach for now. The August at 1.1696 remains a cue for a move lower and a break below opens late July lows of 1.1639. It seems the momentum behind the July rally has now all but faded, leaving bulls with the tough task of closing above 1.19 to reignite any impulsive higher from here. This makes a period of consolidation the most likely outcome.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.