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EURUSD TECHS: Corrective Cycle Remains In Play

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: 1.1155/1202 High Sep 6 / High Aug 26 and the bull trigger  
  • PRICE: 1.1049 @ 06:20 BST Sep 11
  • SUP 1: 1.1015 Low Sep 10  
  • SUP 2: 1.0990 50.0% retracement of the Aug 1 - 26 bull leg
  • SUP 3: 1.0979 50-day EMA
  • SUP 4: 1.0878 76.4% retracement of the Aug 1 - 26 bull leg

The move lower in EURUSD yesterday, resulted in a breach of the 20-day EMA and a move through support at 1.1026, the Sep 3 low. A clear break of this level would signal scope for a deeper correction towards the 50-day EMA, at 1.0979. Clearance of the 50-day EMA would undermine the bullish theme. Key short-term resistance has been defined at 1.1155, the Sep 6 high. A break of this hurdle would be bullish development.

USForeign Exchange Technical AnalysisGlobalCEEMEABulletMarketsForeign Exchange BulletsRegionNorth America

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