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Key Support Under Pressure

EURUSD TECHS
  • RES 4: 1.1975 High Jun 25
  • RES 3: 1.1909 High Jul 30
  • RES 2: 1.1862 50-day EMA
  • RES 1: 1.1791/1805 20-day EMA / High Aug 13
  • PRICE: 1.1716 @ 05:55 BST Aug 18
  • SUP 1: 1.1704/02 Low Mar 31 and a key support / Intraday low
  • SUP 2: 1.1695 38.2% retracement of the 2020 - 2021 Rally
  • SUP 3: 1.1621 1.00 proj of the Jan 6 - Mar 31 - May 25 price swing
  • SUP 4: 1.1603 Low Nov 4, 2020

EURUSD resumed its bearish theme yesterday, enhancing the vulnerability of key support at 1.1704 - the 2021 low printed in March. A clear break of this level and the horizontal support at the 1.17 mark, would leave rates at the lowest levels since November 2020. This would open 1.1603, the Nov 4, 2020 low. Below here, the immediate post pandemic highs at 1.1495 would likely act as strong psychological and pivot support. Resistance is at 1.1805.

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