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Extends Bounce From Last Week’s Low

EURUSD TECHS
  • RES 4: 1.0494 Bull channel resistance drawn from the Feb 10 high
  • RES 3: 1.0449 High Jul 5
  • RES 2: 1.0359 Low Jun 15
  • RES 1: 1.0258 20-day EMA High Jul 18
  • PRICE: 1.0243 @ 15:50 BST Jul 19
  • SUP 1: 1.0120 Low Jul 19
  • SUP 2: 1.0064/0.9952 Low Jul 18 / 14
  • SUP 3: 0.9944 1.618 projection of the Jun 9 - 15 - 27 price swing
  • SUP 4: 0.9883 1.764 projection of the Jun 9 - 15 - 27 price swing

EURUSD resumed its short-term recovery Tuesday and the pair has traded through Monday’s high. Attention is on resistance at 1.0258, the 20-day EMA. A breach of the average would strengthen bullish conditions and signal scope for an extension within the bear channel. The channel is drawn from the Feb 10 high. Clearance of the 20-day EMA would open 1.0359, the Jun 15 low. Initial support is at 1.0120, Tuesday’s intraday low.

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