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Pullback Considered Corrective

EURUSD TECHS
  • RES 4: 1.0397 Bull channel resistance drawn from the Feb 10 high
  • RES 3: 1.0360 50-day EMA
  • RES 2: 1.0359 Low Jun 15
  • RES 1: 1.0294 High Aug 2
  • PRICE: 1.0134 @ 16:16 BST Aug 3
  • SUP 1: 1.0114/0097 Low Aug 3 / 27 and key short-term support
  • SUP 2: 1.0064/0.9952 Low Jul 18 / 14 and the bear trigger
  • SUP 3: 0.9944 1.618 projection of the Jun 9 - 15 - 27 price swing
  • SUP 4: 0.9883 1.764 projection of the Jun 9 - 15 - 27 price swing

EURUSD faced resistance Tuesday, pulling back from the session high. The short-term outlook remains bullish though, as long as support at 1.0097, the Jul 27 low, remains intact. A resumption of gains would signal scope for an extension higher within the bull channel - the top intersects at 1.0397 and is a key resistance. Weakness below 1.0097 would expose parity again and 0.9952, the Jul 14.

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