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- RES 4: 1.2038 2.0% 10-dma envelope
- RES 3: 1.2000 Psychological round number
- RES 2: 1.1978 1.236 proj of May 7 - Jun 10 rally from Jun 19 low
- RES 1: 1.1916 High Aug 6
- PRICE: 1.1830 @ 05:15 BST Aug 7
- SUP 1: 1.1696 Low Aug 3
- SUP 2: 1.1665/1639 20-day EMA / Low Jul 27
- SUP 3: 1.1581 Low Jul 24
- SUP 4: 1.1541 Low Jul 23
Having traded well into the Wednesday close, EUR/USD managed to eke out a fresh cycle high at 1.1916 during early European hours before fading. With this week's close above $1.18, bulls are geared for further gains, with 1.1978 the next target. Momentum indicators are flashing overbought for now - but have been since the middle of July. Any persistent move higher will focus on the psychological 1.2000 handle.