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Gains Considered Corrective

EURUSD TECHS
  • RES 4: 1.1909 High Jul 30
  • RES 3: 1.1843 50-day EMA
  • RES 2: 1.11805/ High Aug 13 and key short-term resistance
  • RES 1: 1.1766 20-day EMA
  • PRICE: 1.1747 @ 20:26 BST Aug 23
  • SUP 1: 1.1664 Low Aug 20
  • SUP 2: 1.1621 1.00 proj of the Jan 6 - Mar 31 - May 25 price swing
  • SUP 3: 1.1603 Low Nov 4, 2020
  • SUP 4: 1.1495 High Mar 9, 2020

EURUSD traded higher Monday starting the week on a firmer note. Gains though are considered corrective and trend conditions remain bearish. Last week saw the pair clear1.1704, Mar 31 low. The break confirms a resumption of the downtrend and opens 1.1603 next, the Nov 4, 2020 low. Below here, the immediate post pandemic highs at 1.1495 would attract and also likely act as strong psychological and pivot support. Key S/T resistance is 1.1805.

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