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Clears Key Support

EURUSD TECHS
  • RES 4: 1.0449 High Jul 5
  • RES 3: 1.0273/68 Channel top from Feb 10 high / High Aug 10
  • RES 2: 1.0097/0166 Low Jul 27 / 20-day EMA
  • RES 1: 1.0047 High Aug 22
  • PRICE: 0.9985 @ 16:39 BST Aug 23
  • SUP 1: 0.9883 1.764 projection of the Jun 9 - 15 - 27 price swing
  • SUP 2: 0.9800 Round number support
  • SUP 3: 0.9785 2.00 projection of the Jun 9 - 15 - 27 price swing
  • SUP 4: 0.9734 Channel base drawn from the Feb 10 high

EURUSD started the week on a bearish note and the pair has cleared key support and the bear trigger at 0.9952, the Jul 14 low. This confirms an extension lower inside the bear channel and more importantly confirms a resumption of the primary downtrend. The focus is on 0.9883 next, a Fibonacci projection while further out, scope is seen for a move towards the channel base at 0.9734. Initial resistance is at 1.0047, Monday’s high.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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