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Ended The Week On A softer Note

EURO-DOLLAR TECHS
  • RES 4: 1.1996 High May 14, 2018
  • RES 3: 1.1978 1.236 proj of May 7 - Jun 10 rally from Jun 19 low
  • RES 2: 1.1966 Cycle high Aug 18
  • RES 1: 1.1883 High Aug 21
  • PRICE: 1.1766 @ 17:22 BST Aug 21
  • SUP 1: 1.1711 Low Aug 12 and the bear trigger
  • SUP 2: 1.1696 Low Aug 3 and a key support
  • SUP 3: 1.1639 Low Jul 27 May 14 low
  • SUP 4: 1.1615 Trendline support drawn off the

EURUSD faced selling pressure Friday trading below 1.1765, the 20-day EMA. The move lower has reinforced Wednesday's important short-term reversal pattern, a bearish engulfing that signalled a top in the trend. The condition has also been reinforced by a bearish divergence condition between price and momentum. Attention is on the key support at 1.1711, Aug 12 low. Initial resistance is at 1.1883, Friday's high. Bearish threat!

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