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Impulsive Sell-Off

EURUSD TECHS
  • RES 4: 1.1355 1.382 proj of the May 31 - Jun 22 - Jul 7 price swing
  • RES 3: 1.1313 High Feb 24 2022
  • RES 2: 1.1276 High Jul 18 and the bull trigger
  • RES 1: 1.1150/1229 Intraday high / High Jul 20
  • PRICE: 1.0991 @ 15:57 BST Jul 27
  • SUP 1: 1.0972 50-day EMA
  • SUP 2: 1.0949 Trendline support drawn from the May 31 low
  • SUP 3: 1.0867 Low Jul 7
  • SUP 4: 1.0834 Low Jul 6 and a key support

EURUSD is once again trading sharply lower having stalled at the Thursday high of 1.1150. This reinforces a short-term bearish theme. The break of 1.1021, the Jul 25 low, highlights a resumption of the current bear leg and opens the 50-day EMA at 1.0972. Note that a trendline support lies at 1.0949, drawn from the May 31 low. A break of the trendline would strengthen a bearish threat. First resistance is at Thursday’s 1.1150 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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