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EURUSD TECHS: Bear Cycle Extends

EURUSD TECHS
  • RES 4: 1.0981 High Mar 8 and a key resistance  
  • RES 3: 1.0964 High Mar 13
  • RES 2: 1.0897/0948 High Jul 23 / 17 and the bull trigger
  • RES 1: 1.0839/1.0870 20-day EMA / High Jul 25 / 29
  • PRICE: 1.0789 @ 16:10 BST Aug 1
  • SUP 1: 1.0778 Low Aug 01 
  • SUP 2: 1.0774 61.8% retracement of the Jun 26 - Jul 17 bull phase
  • SUP 3: 1.0733 76.4% retracement of the Jun 26 - Jul 17 bull phase
  • SUP 4: 1.0666 Low Jun 26 

EURUSD remains in a bear-mode condition for now and price traded lower again Thursday, confirming a resumption of the current bear leg. The pair has breached the 50-day EMA and this signals scope for a deeper retracement towards 1.0774, a Fibonacci retracement. A clear reversal higher would highlight the end of the current corrective cycle and open key resistance at 1.0948, the Jul 17 high. Initial firm resistance is 1.0870, the Jul 25 / 29 high.   

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  • RES 4: 1.0981 High Mar 8 and a key resistance  
  • RES 3: 1.0964 High Mar 13
  • RES 2: 1.0897/0948 High Jul 23 / 17 and the bull trigger
  • RES 1: 1.0839/1.0870 20-day EMA / High Jul 25 / 29
  • PRICE: 1.0789 @ 16:10 BST Aug 1
  • SUP 1: 1.0778 Low Aug 01 
  • SUP 2: 1.0774 61.8% retracement of the Jun 26 - Jul 17 bull phase
  • SUP 3: 1.0733 76.4% retracement of the Jun 26 - Jul 17 bull phase
  • SUP 4: 1.0666 Low Jun 26 

EURUSD remains in a bear-mode condition for now and price traded lower again Thursday, confirming a resumption of the current bear leg. The pair has breached the 50-day EMA and this signals scope for a deeper retracement towards 1.0774, a Fibonacci retracement. A clear reversal higher would highlight the end of the current corrective cycle and open key resistance at 1.0948, the Jul 17 high. Initial firm resistance is 1.0870, the Jul 25 / 29 high.