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EURUSD TECHS: Recovery Extends

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: 1.1155 High Sep 6  
  • PRICE: 1.1123 @ 05:47 BST Sep 17
  • SUP 1: 1.1062/1002 20-day EMA / Low Sep 11  
  • SUP 2: 1.0993 50-day EMA
  • 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

EURUSD started the week on a firmer note, trading through last Friday’s high and marking an extension of the recovery that started Sep 11. The break higher exposes a key resistance at 1.1155, the Sep 6 high. Clearance of this level would cancel a recent bearish theme and highlight scope for a stronger recovery towards 1.1202, the Aug 26 high and a bull trigger. For bears, a reversal lower would refocus attention on 1.1002, the Sep 11 low.

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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: 1.1155 High Sep 6  
  • PRICE: 1.1123 @ 05:47 BST Sep 17
  • SUP 1: 1.1062/1002 20-day EMA / Low Sep 11  
  • SUP 2: 1.0993 50-day EMA
  • 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

EURUSD started the week on a firmer note, trading through last Friday’s high and marking an extension of the recovery that started Sep 11. The break higher exposes a key resistance at 1.1155, the Sep 6 high. Clearance of this level would cancel a recent bearish theme and highlight scope for a stronger recovery towards 1.1202, the Aug 26 high and a bull trigger. For bears, a reversal lower would refocus attention on 1.1002, the Sep 11 low.