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EURUSD TECHS: Pierces The 50-Day EMA

EURUSD TECHS
  • RES 4: 1.0981 High Mar 8 and a key resistance  
  • RES 3: 1.0964 High Mar 13
  • RES 2: 1.0897/0948 High Jul 23 / 17 and the bull trigger
  • RES 1: 1.0870 High Jul 25 / 29
  • PRICE: 1.0821 @ 16:06 BST Jul 29
  • SUP 1: 1.0803 Low Jul 29
  • SUP 2: 1.0774 61.8% retracement of the Jun 26 - Jul 17 bull phase
  • SUP 3: 1.0733 76.4% retracement of the Jun 26 - Jul 17 bull phase
  • SUP 4: 1.0666 Low Jun 26 

EURUSD traded lower again Monday and this has resulted in a break of last week’s low of 1.0826 (Jul 24). Furthermore, the pair has pierced support around the 50-day EMA, at 1.0818. A clear break of the average would signal scope for a deeper retracement and open 1.0774, a Fibonacci retracement. . For bulls, a reversal higher would highlight the end of the current corrective cycle and open the key resistance at 1.0948, the Jul 17 high.  

USForeign Exchange Technical AnalysisCEEMEABulletGlobalForeign Exchange BulletsRegionNorth America

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