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Consolidation Appears To Be A Bear Flag

EURUSD TECHS
  • RES 4: 1.1005 High Aug 11
  • RES 3: 1.0945 High Aug 30 and reversal trigger
  • RES 2: 1.0809/1.0875 20- and 50-day EMA values
  • RES 1: 1.0797 Former channel support-now-resistance
  • PRICE: 1.0748 @ 05:39 BST Sep 13
  • SUP 1: 1.0686 Low Sep 7
  • SUP 2: 1.0668 Low Jun 7
  • SUP 3: 1.0635 Low May 31 and a key support
  • SUP 4: 1.0611 38.2% Fib retracement Sep’22 - Jul’23 upleg

EURUSD conditions remain bearish and price is trading closer to its recent lows. Recent consolidation appears to be a bear flag formation. The bull channel breakout last week reinforced a bearish condition and has opened 1.0668 next, the Jun 7 low. The channel is drawn from the Mar 15 low. Note that moving average studies are in a bear mode set-up, highlighting the market's current sentiment. Key resistance is at 1.0945, the Aug 30 high.

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