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Corrective Pullback

EURUSD TECHS
  • RES 4: 1.1139 High Dec 29 ‘ 23 and a key resistance
  • RES 3: 1.1084 High Dec 29
  • RES 2: 1.1046 High Jan 2
  • RES 1: 1.1012 76.4% retracement of the Dec 28 ‘23 - Apr 16 downleg
  • PRICE: 1.0912 @ 06:11 BST Aug 7
  • SUP 1: 1.0893 Low Aug 5
  • SUP 2: 1.0860 20-day EMA
  • SUP 3: 1.0830 50-day EMA
  • SUP 4: 1.0778 Low Aug 1 and a key support

EURUSD maintains a positive tone following recent gains and the break of key short-term resistance and bull trigger at 1.0948, the Jul 17 high. The move higher confirms a resumption of the uptrend and opens 1.1012 next, a Fibonacci retracement. Key short-term support has been defined at 1.0778, last Thursday’s low. A pullback would be considered corrective. Initial support to watch lies at 1.0860, the 20-day EMA.

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