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Corrective Cycle Still In Play

EURUSD TECHS
  • RES 4: 1.1909 High Jul 30
  • RES 3: 1.1830 50-day EMA
  • RES 2: 1.1805 High Aug 13 and key short-term resistance
  • RES 1: 1.1784 High Aug 17
  • PRICE: 1.1763 @ 05:53 BST Aug 27
  • SUP 1: 1.1664 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 is holding onto the bulk of recent gains and traded higher Thursday. The recent bounce is still considered corrective and trend conditions remain bearish. Recent weakness below 1.1704, Mar 31 low confirms a resumption of the downtrend and opens 1.1603 next, the Nov 4, 2020 low. Below here, the immediate post pandemic highs at 1.1495 would attract and also represents pivot support. Key short-term resistance is unchanged at 1.1805.

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