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Corrective Bounce

EURUSD TECHS
  • RES 4: 1.1909 High Jul 30
  • RES 3: 1.1843 50-day EMA
  • RES 2: 1.1766/1805 20-day EMA / High Aug 13
  • RES 1: 1.1742 High Mar 18
  • PRICE: 1.1718 @ 06:01 BST Aug 23
  • SUP 1: 1.1664 Low Aug 20
  • SUP 2: 1.1621 1.00 proj of the Jan 6 - Mar 31 - May 25 price swing
  • SUP 3: 1.1603 Low Nov 4, 2020
  • SUP 4: 1.1495 High Mar 9, 2020

EURUSD maintains a bearish tone but has recovered from recent lows. Last week saw the pair slip through 1.1704, Mar 31 low and 1.1700. The break lower confirms a resumption of the downtrend, reinforcing the prevailing bearish theme. This opens 1.1603 next, the Nov 4, 2020 low. Below here, the immediate post pandemic highs at 1.1495 would attract and also likely act as strong psychological and pivot support. Resistance is 1.1742.

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