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Off Lows, But Bear Cycle Still In Play

EURUSD TECHS
  • RES 4: 1.1355 1.382 proj of the May 31 - Jun 22 - Jul 7 price swing
  • RES 3: 1.1313 High Feb 24 2022
  • RES 2: 1.1276 High Jul 18 and the bull trigger
  • RES 1: 1.1147/1229 High Jul 24 / 20
  • PRICE: 1.1068 @ 16:12 BST Jul 26
  • SUP 1: 1.1021 Low Jul 25
  • SUP 2: 1.1012/04 High Jun 22 / Low Jul 12
  • SUP 3: 1.0964 50-day EMA
  • SUP 4: 1.0941 Trendline support drawn from the May 31 low

EURUSD traded above weekly lows into the Wednesday close, concluding the recent six-session losing streak. This confirms the corrective nature of the recent pullback, however, price has cleared 1.1060, the 20-day EMA. The break signals scope for a deeper short-term correction, towards the 50-day EMA at 1.0967. On the upside, the key resistance and bull trigger is unchanged at 1.1276, the Jul 18 high. First resistance is at 1.1147, Monday’s high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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