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Supply Concerns Push Oil Higher

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Nearing Key Support

  • RES 4: 1.2006 High Jun 29 / Jun 17
  • RES 3: 1.1948/75 38.2% of the May 25 - Jul 21 sell-off / High Jun 25
  • RES 2: 1.1930 High Jun 29
  • RES 1: 1.1899 50-day EMA
  • PRICE: 1.1720 @ 17:32 BST Aug 10
  • SUP 1: 1.1710 Low Aug 10
  • SUP 2: 1.1704 Low Mar 31 and a key support
  • SUP 3: 1.1695 38.2% Fib 2020 - 2021 Rally
  • SUP 4: 1.1603 Low Nov 04, 2020

EURUSD extended lower still Tuesday, touching new monthly and weekly lows at 1.1710. This narrows the gap with key support at the 2021 low printed back in March at 1.1704. Stiff support is expected here ahead of the 1.1685 mark, at which the 38.2% Fib crosses for the 2020 - 2021 rally. A further decline would be bearish indeed. For bulls to regain control, markets need to test the 50-day EMA at 1.1899. This average represents a key short-term resistance.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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