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Dips Below 1.17

EURO-DOLLAR TECHS
  • RES 4: 1.2000 Psychological round number
  • RES 3: 1.1982 3.0% 10-dma envelope
  • RES 2: 1.1978 1.236 proj of May 7 - Jun 10 rally from Jun 19 low
  • RES 1: 1.1909 Jul 31 high
  • PRICE: 1.1759 @ 15:42 BST Aug 3
  • SUP 1: 1.1731 Low Jul 30
  • SUP 2: 1.1699 Low Jul 28
  • SUP 3: 1.1639/1581 Low Jul 27 / Low Jul 24
  • SUP 4: 1.1534 20-day EMA

The pair (briefly) showed below $1.17 Monday, but bulls will have taken some confidence in the pair's ability to hold its ground despite the relatively sizeable pullback from the Friday high. Bulls need to re-establish a base above the $1.18 handle with some consistency before recent highs can be re-tested, suggesting the most likely outcome from here is sideways consolidation. Any persistent move higher will focus on 1.1978, a Fibonacci projection and the psychological 1.2000 handle. Support is at 1.1639. Jul 27 low.

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