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Off Lows, But Bear Threat Remains Present

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: 1.1104 @ 05:45 BST Jul 27
  • SUP 1: 1.1021 Low Jul 25
  • SUP 2: 1.1012/04 High Jun 22 / Low Jul 12
  • SUP 3: 1.0972 50-day EMA
  • SUP 4: 1.0949 Trendline support drawn from the May 31 low

The latest recovery in EURUSD concludes the recent six-session losing streak. The recent move down is considered corrective, however, price has traded through the 20-day EMA and this continues to signal scope for a deeper short-term retracement, potentially towards the 50-day EMA at 1.0972. On the upside, the key resistance and bull trigger is unchanged at 1.1276, the Jul 18 high. First resistance is at 1.1147, the Jul 24 high.

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