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EURUSD TECHS: Monitoring Support At The 20-Day EMA

EURUSD TECHS
USForeign Exchange Technical AnalysisGlobalCEEMEABulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 1.1276 High Jul 18 2023 
  • RES 3: 1.1234 1.618 proj of the Jun 26 - Jul 17 - Aug 1 price swing
  • RES 2: 1.1202 High Aug 26 and the bull trigger
  • RES 1: 1.1189 High Sep 18  
  • PRICE: 1.1155 @ 15:12 BST Sep 24
  • SUP 1: 1.1091/1019 20-day EMA / 50-day EMA  
  • SUP 2: 1.1002 Low Sep 11 
  • SUP 3: 1.0940 61.8% retracement of the Aug 1 - 26 bull leg
  • SUP 4: 1.0878 76.4% retracement of the Aug 1 - 26 bull leg

The short-term outlook in EURUSD remains bullish despite Monday’s pullback. Support to watch is the 20-day EMA, at 1.1091, it has been pierced but remains intact. A  resumption of gains would open 1.1202, the Aug 26 high and a bull trigger. Clearance of this level would confirm a resumption of the uptrend. On the downside, a clear break of the 20-day EMA is required to signal scope for a deeper retracement. 

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  • RES 4: 1.1276 High Jul 18 2023 
  • RES 3: 1.1234 1.618 proj of the Jun 26 - Jul 17 - Aug 1 price swing
  • RES 2: 1.1202 High Aug 26 and the bull trigger
  • RES 1: 1.1189 High Sep 18  
  • PRICE: 1.1155 @ 15:12 BST Sep 24
  • SUP 1: 1.1091/1019 20-day EMA / 50-day EMA  
  • SUP 2: 1.1002 Low Sep 11 
  • SUP 3: 1.0940 61.8% retracement of the Aug 1 - 26 bull leg
  • SUP 4: 1.0878 76.4% retracement of the Aug 1 - 26 bull leg

The short-term outlook in EURUSD remains bullish despite Monday’s pullback. Support to watch is the 20-day EMA, at 1.1091, it has been pierced but remains intact. A  resumption of gains would open 1.1202, the Aug 26 high and a bull trigger. Clearance of this level would confirm a resumption of the uptrend. On the downside, a clear break of the 20-day EMA is required to signal scope for a deeper retracement.