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EURUSD TECHS: Bullish Trend Condition

EURUSD TECHS
  • RES 4: 1.1300 Round number resistance  
  • RES 3: 1.1276 High Jul 18 2023
  • RES 2: 1.1234 1.618 proj of the Jun 26 - Jul 17 - Aug 1 price swing
  • RES 1: 1.1140/1202 High Aug 29 / High Aug 26 and the bull trigger  
  • PRICE: 1.1118 @ 06:06 BST Sep 06
  • SUP 1: 1.1026 Low Sep 03  
  • SUP 2: 1.0990 50.0% retracement of the Aug 1 - 26 bull leg
  • SUP 3: 1.0971 50-day EMA
  • SUP 4: 1.0878 76.4% retracement of the Aug 1 - 26 bull leg

EURUSD has this week found support just below the 20-day EMA - at 1.1058 today, and the pair is holding on to this week’s gains. A bullish trend condition remains intact and note that moving average studies remain in a bull-mode position, highlighting a primary uptrend. A stronger resumption of gains would open 1.1234, a Fibonacci projection. On the downside, a clear break of the 20-day EMA would expose the 50-day EMA, at 1.0971. 

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