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EURUSD TECHS: Trades Through The 20-Day EMA

EURUSD TECHS
USForeign Exchange Technical AnalysisGlobalCEEMEABulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 1.1409 2.236 proj of the Jun 26 - Jul 17 - Aug 1 price swing
  • RES 3: 1.1342 2.00 proj of the Jun 26 - Jul 17 - Aug 1 price swing
  • RES 2: 1.1276 High Jul 18 2023
  • RES 1: 1.1214/34 High Sep 25 / 1.618 proj Jun 26-Jul 17-Aug 1 swing
  • PRICE: 1.1064 @ 16:07 BST Oct 1
  • SUP 1: 1.1059/1044 Intraday low / 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, however, Tuesday’s move lower suggests potential for a deeper retracement. The pair has breached support at the 20-day EMA, at 1.1116. This exposes the next key support at 1.1044, the 50-day EMA. Trend signals remain bullish and moving average studies continue to highlight a dominant uptrend. A resumption of gains would open 1.1234, a Fibonacci projection and 1.1276, the Jul 18 '23 high. 

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  • RES 4: 1.1409 2.236 proj of the Jun 26 - Jul 17 - Aug 1 price swing
  • RES 3: 1.1342 2.00 proj of the Jun 26 - Jul 17 - Aug 1 price swing
  • RES 2: 1.1276 High Jul 18 2023
  • RES 1: 1.1214/34 High Sep 25 / 1.618 proj Jun 26-Jul 17-Aug 1 swing
  • PRICE: 1.1064 @ 16:07 BST Oct 1
  • SUP 1: 1.1059/1044 Intraday low / 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, however, Tuesday’s move lower suggests potential for a deeper retracement. The pair has breached support at the 20-day EMA, at 1.1116. This exposes the next key support at 1.1044, the 50-day EMA. Trend signals remain bullish and moving average studies continue to highlight a dominant uptrend. A resumption of gains would open 1.1234, a Fibonacci projection and 1.1276, the Jul 18 '23 high.