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Closing In On Cycle Highs

EURO-DOLLAR TECHS
  • RES 4: 1.2000 Psychological round number
  • RES 3: 1.1996 High May 14, 2018
  • RES 2: 1.1978 1.236 proj of May 7 - Jun 10 rally from Jun 19 low
  • RES 1: 1.1916 High Aug 6 and the bull trigger
  • PRICE: 1.1893 @ 05:36 BST Aug 18
  • SUP 1: 1.1829 Low Aug 17
  • SUP 2: 1.1782 Low Aug 13 and 14
  • SUP 3: 1.1726 20-day EMA
  • SUP 4: 1.1696 Low Aug 3 and key support

EURUSD continues to climb and extend last week's gains. The focus is on the cycle highs printed Aug 6 of 1.1916. This level also represents the bull trigger where a break would confirm a resumption of the underlying uptrend, paving the way for a climb towards the 1.1978 Fibonacci projection. On the downside, August activity has so far defined a key support at 1.1696, Aug 3 low. A break is required to signal a short-term reversal.

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