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Corrective Climb Extends

EURUSD TECHS
  • RES 4: 1.1965 50.0% retracement of the May - Aug sell-off
  • RES 3: 1.1945 High Jun 28
  • RES 2: 1.1909 High Jul 30 and a key resistance
  • RES 1: 1.1828 50-day EMA
  • PRICE: 1.1817 @ 05:57 BST Aug 31
  • SUP 1: 1.1735/1664 Low Aug 27 / Low Aug 20 and the bear trigger
  • 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 continues to trade higher and has cleared former resistance at 1.1805, Aug 13 high. Although current gains are considered corrective, the pair maintains a short-term bullish theme and appears likely to extend its climb. The 50-day EMA intersects at 1.1828, a break of this resistance area would open 1.1909, the Jul 30 high. Initial support lies at 1.1735, Aug 27 low while the key support and bear trigger is 1.1664, Aug 20 low.

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