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Corrective Bounce Extends

EURUSD TECHS
  • RES 4: 1.0268 High Aug 15
  • RES 3: 1.0203 High Aug 17
  • RES 2: 1.0158 Channel top from the Feb 10 high
  • RES 1: 1.0113 High Sep 9
  • PRICE: 1.0035 @ 16:04 BST Sep 9
  • SUP 1: 0.9931/9864 Low Sep 8 / 6 and the bear trigger
  • SUP 2: 0.9800 Round number support
  • SUP 3: 0.9785 2.00 projection of the Jun 9 - 15 - 27 price swing
  • SUP 4: 0.9628 Channel base drawn from the Feb 10 high

EURUSD recovered well off the week’s low into the Friday close. Short-term gains are considered corrective, however. A downtrend remains intact with the pair trading below its bear channel resistance and moving average studies still in a bear mode condition. A resumption of weakness would open 0.9800 next. Initial firm resistance is seen at 1.0090, Aug 26 high. Note that the channel top, drawn from the Feb 10 high, intersects at 1.0158 - a key resistance.

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