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Remains In A Tight Range

EURUSD TECHS
  • RES 4: 1.2006 High Jun 29 / Jun 17
  • RES 3: 1.1975 High Jun 25
  • RES 2: 1.1920/30 50-day EMA / High Jun 29
  • RES 1: 1.1851/1881 High Jul 15 / High Jul 9
  • PRICE: 1.1818 @ 06:07 BST Jul 28
  • 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 traded higher into the close yesterday. The pair however remains in a tight range. The trend direction is down, with resistance at 1.1851 still intact. A trend sequence of lower lows and lower highs dominates highlighting a clear downtrend. Note that a death cross (50- breaking below the 200-dma) has recently occurred, reinforcing a bearish theme. The focus is on 1.1704, Mar 31 low. Initial resistance is at 1.1851, Jul 15 high.

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