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Heads South

  • RES 4: 1.1229 High Jul 20
  • RES 3: 1.1150 High Jul 27
  • RES 2: 1.1065 High Aug 10
  • RES 1: 1.0974 20-day EMA
  • PRICE: 1.0868 @ 06:14 BST Aug 17
  • SUP 1: 1.0862 Intraday low
  • SUP 2: 1.0834 Low Jul 6 and a key support
  • SUP 3: 1.0804 Low Jun 151
  • SUP 4: 1.0756 Bull channel base drawn from the Mar 15 low

The trend needle in EURUSD continues to point south and the pair is trading lower today, extending the current bear cycle. Support at 1.0912, the Aug 3 low, has recently been cleared. This confirmed a resumption of the bear cycle that started Jul 18 and opens 1.0834 next, the Jul 6 low and a key level. Price is also trading lower inside a bull channel drawn from Mar 15. The base lies at 1.0756. Key short-term resistance is 1.1065, the Aug 10 high.

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