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Monitoring Resistance

EURUSD TECHS
  • RES 4: 1.0981 High Mar 8 and a key resistance
  • RES 3: 1.0964 High Mar 13
  • RES 2: 1.0897/0948 High Jul 23 / 17 and the bull trigger
  • RES 1: 1.0870/73 High Jul 25 / 29 / Intraday high
  • PRICE: 1.0858 @ 13:36 BST Aug 2
  • SUP 1: 1.0778 Low Aug 01
  • SUP 2: 1.0774 61.8% retracement of the Jun 26 - Jul 17 bull phase
  • SUP 3: 1.0733 76.4% retracement of the Jun 26 - Jul 17 bull phase
  • SUP 4: 1.0666 Low Jun 26

EURUSD remains in a bear-mode corrective phase for now, despite today’s bounce. The recent move lower resulted in a move through the 50-day EMA and this signals scope for a deeper pullback short-term, towards 1.0774, a Fibonacci retracement. For bulls, a clear reversal higher would highlight the end of the current corrective cycle and open key resistance at 1.0948, the Jul 17 high. Initial firm resistance to watch is 1.0870, the Jul 25 / 29 high.

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