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Corrective Pullback

  • RES 4: 1.1355 1.382 proj of the May 31 - Jun 22 - Jul 7 price swing
  • RES 3: 1.1313 High Feb 24 2022
  • RES 2: 1.1276 High Jul 18 and the bull trigger
  • RES 1: 1.1229 High Jul 20
  • PRICE: 1.1075 @ 16:11 BST Jul 24
  • SUP 1: 1.1066/60 Low Jul 24 / 20-day EMA
  • SUP 2: 1.1012 High Jun 22
  • SUP 3: 1.1004 Low Jul 12
  • SUP 4: 1.0960 20-day EMA

Last week’s pullback in EURUSD appears to be a correction and this is allowing a recent overbought trend condition to unwind. Initial firm support sits at 1.1060, the 20-day EMA. A clear break of this support zone would signal scope for a deeper correction, towards the 50-day EMA at 1.0960. On the upside, the key resistance and bull trigger is unchanged at 1.1276, the Jul 18 high.

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