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EURUSD TECHS: Trend Outlook Remains Bullish

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: 1.1141 @ 06:01 BST Oct 1
  • SUP 1: 1.1116/1044 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 and despite yesterday’s move lower, is trading closer to its recent highs. 1.1202, the Aug 26 high and a bull trigger, was pierced last week. A clear break of this hurdle would confirm a resumption of the uptrend and pave the way for a move towards 1.1234, a Fibonacci projection and 1.1276, the Jul 18 '23 high. Support to watch is the 20-day EMA, at 1.1116, it has been pierced but remains intact.

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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: 1.1141 @ 06:01 BST Oct 1
  • SUP 1: 1.1116/1044 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 and despite yesterday’s move lower, is trading closer to its recent highs. 1.1202, the Aug 26 high and a bull trigger, was pierced last week. A clear break of this hurdle would confirm a resumption of the uptrend and pave the way for a move towards 1.1234, a Fibonacci projection and 1.1276, the Jul 18 '23 high. Support to watch is the 20-day EMA, at 1.1116, it has been pierced but remains intact.