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EURUSD TECHS: Clears Resistance

EURUSD TECHS
  • RES 4: 1.1139 High Dec 29 ‘ 23 and a key resistance  
  • RES 3: 1.1084  High Dec 29
  • RES 2: 1.1046 High Jan 2
  • RES 1: 1.1012 76.4% retracement of the Dec 28 ‘23 - Apr 16 downleg
  • PRICE: 1.0929 @ 16:31 BST Aug 6
  • SUP 1: 1.0893 Low Aug 5 
  • SUP 2: 1.0852 20-day EMA
  • SUP 3: 1.0826 50-day EMA
  • SUP 4: 1.0778 Low Aug 1 and a key support 

Friday’s rally in EURUSD resulted in a break of resistance at 1.0870, the Jul 25 / 29 high. Monday’s gains marked an extension of Friday's move and this resulted in a break of key short-term resistance and the bull trigger at 1.0948, the Jul 17 high. The move higher resumes the uptrend and opens 1.1012 next, a Fibonacci retracement. Key short-term support has been defined at  1.0778, last Thursday’s low. A pullback would be considered corrective.

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