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Eyeing Key Support

  • RES 4: 1.1909 High Jul 30 / Sep 03 and a key resistance
  • RES 3: 1.1901 1.0% 10-dma envelope
  • RES 2: 1.1846 High Sep 14
  • RES 1: 1.1785 20-day EMA
  • PRICE: 1.1723 @ 05:55 BST Sep 22
  • SUP 1: 1.1693 Low Aug 23
  • SUP 2: 1.1664 Low Aug 20 and the bear trigger
  • SUP 3: 1.1621 1.00 proj of the Jan 6 - Mar 31 - May 25 price swing
  • SUP 4: 1.1603 Low Nov 4, 2020

EURUSD is consolidating but maintains a bearish position following recent weakness. The pair has cleared 1.1770, Sep 13 low and 1.1758, 61.8% of the Aug 20 - Sep 3 rally. This week's extension lower has resulted in a breach of 1.1722, the 76.4% retracement. This opens key support at 1.1664, Aug 20 low and an important bear trigger. A break would strengthen a M/T bearish case. Initial firm resistance has been defined at 1.1846, Sep 14 high.

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