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Off The Lows But Remains Bearish

EURUSD TECHS
  • RES 4: 1.2006 High Jun 29 / Jun 17
  • RES 3: 1.1975High Jun 25
  • RES 2: 1.1929/30 50-day EMA / High Jun 29
  • RES 1: 1.1851/1881 High Jul 15 / High Jul 9
  • PRICE: 1.1810 @ 16:45 BST Jul 26
  • SUP 1: 1.1752 Low Jul 21
  • SUP 2: 1.1738 Low Apr 5
  • SUP 3: 1.1704 Low Mar 31 and a key support
  • SUP 4: 1.1603 Low Nov 4, 2020

EURUSD is a touch higher, but is largely consolidating. The trend direction remains down and price is holding below first resistance at 1.1851. A bearish price sequence of lower lows and lows and lower highs remains intact highlighting a clear bearish theme. Note too, the formation of a death cross (50- breaking below the 200-dma) that also highlights a bearish threat. A break of 1.1704 would trigger a deeper pullback. Initial resistance is at 1.1851, Jul 15 high.

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