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Likely To Remain Vulnerable

EURO-DOLLAR TECHS
  • RES 4: 1.2000 Psychological round number
  • RES 3: 1.1996 High May 14, 2018
  • RES 2: 1.1978 1.236 proj of May 7 - Jun 10 rally from Jun 19 low
  • RES 1: 1.1966 Cycle high Aug 18
  • PRICE: 1.1817 @ 10:32 BST Aug 21
  • SUP 1: 1.1802 Low Aug 20
  • SUP 2: 1.1765 20-day EMA
  • SUP 3: 1.1711 Low Aug 12 and the bear trigger
  • SUP 4: 1.1696 Low Aug 3 and a key support

EURUSD remains vulnerable following Wednesday's sell-off. While the underlying uptrend remains intact, Wednesday's move lower signals the potential start of a correction. The daily pattern on this day is a bearish engulfing reversal candle and is reinforced by a momentum set-up known as bearish divergence between price and momentum. Key resistance and the bull trigger is 1.1966. Further weakness would expose key support at 1.1696.

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