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Finds Resistance At The 50-Day EMA

  • RES 4: 1.1150 High Jul 27
  • RES 3: 1.1065 High Aug 10 and a key resistance
  • RES 2: 1.1005 High Aug 11
  • RES 1: 1.0930/45 50-day EMA / High Aug 30
  • PRICE: 1.0858 @ 15:27 BST Aug 31
  • SUP 1: 1.0778/66 Channel base drawn from Mar 15 / Low Aug 25
  • SUP 2: 1.0733 Low Jun 12
  • SUP 3: 1.0668 Low Jun 7
  • SUP 4: 1.0635 Low May 31 and a key support

EURUSD traded higher Wednesday resulting in a print above 1.0930, the 50-day EMA. The pair has failed to hold on to this week's highs and is trading lower. A continuation would refocus attention on the key support at 1.0778, the base of a bull channel drawn from the Mar 15 low and a pivot point. A clear channel breakout would strengthen bearish conditions and open 1.0733, Jun 12 low. A clear breach of the 50-day EMA would be bullish.

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