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Gains Considered Corrective

  • RES 4: 1.2006 High Jun 29 / Jun 17
  • RES 3: 1.1943/75 50-day EMA / High Jun 25
  • RES 2: 1.1930 High Jun 29
  • RES 1: 1.1851/1881 High Jul 15 / High Jul 9
  • PRICE: 1.1799 @ 16:51 BST Jul 21
  • SUP 1: 1.1752 Low Jul 21
  • 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 remains bearish despite the recovery from yesterday's fresh low print. This week's move lower extends the bearish price sequence of lower lows and lows and lower highs and cements the bearish outlook. The focus is on 1.1704, Mar 31 low. With the imminent formation of a death cross (50- breaking below the 200-dma), the focus remains lower. A break of 1.1704 would strengthen the bearish case. Initial firm resistance is at 1.1851.

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