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Fading Ahead of 50-Day EMA

EURUSD TECHS
  • RES 4: 1.2006 High Jun 29 / Jun 17
  • RES 3: 1.1948/75 38.2% of the May 25 - Jul 21 sell-off / High Jun 25
  • RES 2: 1.1930 High Jun 29
  • RES 1: 1.1916 50-day EMA
  • PRICE: 1.1844 @ 16:49 BST Aug 05
  • SUP 1: 1.1752 Low Jul 21 and the bear trigger
  • SUP 2: 1.1738 Low Apr 5
  • SUP 3: 1.1704 Low Mar 31 and a key support
  • SUP 4: 1.1603 Low Nov 4, 2020

EURUSD traded higher last week to clear a former resistance at 1.1851, Jul 15 high. The extension has exposed the 50-day EMA at 1.1916. This average represents a key short-term resistance. A clear break is required to signal scope for a more significant reversal. On the downside, the bear trigger is at 1.1752, Jul 21 low. Note, gains still appear corrective, in line with a bearish trend direction.

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