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Key Support Remains Exposed

EURO-DOLLAR TECHS
  • RES 4: 1.1996 High May 14, 2018
  • RES 3: 1.1978 1.236 proj of May 7 - Jun 10 rally from Jun 19 low
  • RES 2: 1.1966 Cycle high Aug 18
  • RES 1: 1.1883 High Aug 21
  • PRICE: 1.1809 @ 10:17 BST Aug 26
  • SUP 1: 1.1754 Low Aug 21
  • SUP 2: 1.1711 Low Aug 12 and the bear trigger
  • SUP 3: 1.1696 Low Aug 3 and a key support
  • SUP 4: 1.1639 Low Jul 27 May 14 low

EURUSD continues to trade, for now, above recent lows. The focus is on a bearish threat that remains present following last week's price action. On Aug 19, a bearish engulfing candle formation was confirmed that signals a top in the trend. This set-up has been reinforced by a bearish divergence condition between price and momentum. Attention is on the key support at 1.1711, Aug 12 low and the reversal trigger. Initial resistance is at 1.1883, Friday's high.

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