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Downside Risk Still Present

EURO-DOLLAR TECHS
  • RES 4: 1.2084 High May 1, 2018
  • RES 3: 1.2032 High May 2, 2018
  • RES 2: 1.2011 High Sep 1, 2020
  • RES 1: 1.1929 High Sep 2
  • PRICE: 1.1817 @ 17:58 BST Sep 7
  • SUP 1: 1.1763 Low Aug 27
  • SUP 2: 1.1754 Low Aug 21 and the bear trigger
  • SUP 3: 1.1743 Trendline support drawn off the May 14 low
  • SUP 4: 1.1666 50-day EMA

EURUSD remains vulnerable following last week's failure above 1.2000. Furthermore, technical signals still highlight a S/T threat to the recent bullish outlook. The sell-off on Sep 1 from the day high, resulted in a close near session lows confirming a "shooting star" candle pattern. This is a bearish pattern. Further weakness would expose key support at 1.1754, Aug 21 low. Bulls need a break above 1.2011, Sep 1 high to resume the uptrend.

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