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EURUSD TECHS: Trend Structure Remains Bullish

EURUSD TECHS
  • 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: 1.1201 1.50 proj of the Jun 26 - Jul 17 - Aug 1 price swing
  • RES 1: 1.1174 High Aug 21
  • PRICE: 1.1128 @ 06:02 BST Aug 23
  • SUP 1: 1.1072/0986 Low Aug 19 / 20-day EMA
  • SUP 2: 1.0904 50-day EMA
  • SUP 3: 1.0778 Low Aug 1 and a key support
  • SUP 4: 1.0736 Low Jul 3 

EURUSD is trading closer to its recent highs. Bulls remain in the driver’s seat and this week’s appreciation reinforces a bullish set-up. Moving average studies remain in a bull-mode set-up, highlighting a rising trend. Sights are on 1.1201 next, a Fibonacci projection. The trend has entered overbought territory and any corrective pullback would allow this condition to unwind. Key short-term support is seen at 1.0986, the 20-day EMA. 

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