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Has Cleared Channel Support

EURUSD TECHS
  • RES 4: 1.1065 High Aug 10 and a key resistance
  • RES 3: 1.1005 High Aug 11
  • RES 2: 1.0861/1.0945 20-day EMA / High Aug 30 and reversal trigger
  • RES 1: 1.0786 Former channel support-now-resistance
  • PRICE: 1.0709 @ 16:18 BST Sep 6
  • SUP 1: 1.0703 Low Sep 6
  • SUP 2: 1.0668 Low Jun 7
  • SUP 3: 1.0635 Low May 31 and a key support
  • SUP 4: 1.0611 38.2% Fib retracement Sep’22 - Jul’23 upleg

EURUSD extended losses Tuesday to clear the late August lows and hit the lowest levels since early June. The breach of the base of the bull channel at 1.0786, drawn from the Mar 15 low, reinforces the current bearish condition and opens 1.0668 next, the Jun 7 low. On the upside, key short-term resistance has been defined at 1.0945, the Aug 30 high. Clearance of this level is required to highlight a short-term reversal.

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