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Probes Initial Resistance

EURUSD TECHS
  • RES 4: 1.1945 High Jun 28
  • RES 3: 1.1909 High Jul 30 and a key resistance
  • RES 2: 1.1829 50-day EMA
  • RES 1: 1.1810 High Aug 30
  • PRICE: 1.1857 @ 18:58 BST Aug 30
  • SUP 1: 1.1726/1664 Low Aug 25 / Low Aug 20 and the bear trigger
  • SUP 2: 1.1621 1.00 proj of the Jan 6 - Mar 31 - May 25 price swing
  • SUP 3: 1.1603 Low Nov 4, 2020
  • SUP 4: 1.1495 High Mar 9, 2020

EURUSD traded higher Monday and has probed resistance at 1.1805, Aug 13 high. Recent gains are still considered corrective and trend conditions remain bearish. Recent weakness below 1.1704, Mar 31 low confirmed a resumption of the downtrend and opens 1.1603 next, the Nov 4, 2020 low. Below here, the immediate post pandemic highs at 1.1495 would attract and represent pivot support. Next resistance is at 1.1829, the 50-day EMA.

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