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EURUSD TECHS: Pierces The 20-Day EMA

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: 1.1040 @ 15:31 BST Sep 3
  • SUP 1: 1.1033 Low Sep 03  
  • SUP 2: 1.0990 50.0% retracement of the Aug 1 - 26 bull leg
  • SUP 3: 1.0952 50-day EMA
  • SUP 4: 1.0878 76.4% retracement of the Aug 1 - 26 bull leg

Last week’s move lower in EURUSD appears corrective. The current bear cycle remains intact and the pair is trading at its recent lows. Note that the 20-day EMA, at 1.1050, has been pierced. A clear break of the average would expose the 50-day EMA, at 1.0952, allowing for a deeper retracement. Moving average studies are in a bull-mode position, highlighting a primary uptrend. A resumption of gains would open 1.1234, a Fibonacci projection.  

USForeign Exchange Technical AnalysisGlobalCEEMEABulletMarketsForeign Exchange BulletsRegionNorth America

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