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Remains Vulnerable

EURUSD TECHS
  • RES 4: 1.0268 High Aug 15
  • RES 3: 1.0202 Channel top drawn from the Feb 10 high
  • RES 2: 1.0193 High Aug 18
  • RES 1: 1.0090 High Aug 26 and key near-term resistance
  • PRICE: 1.0015 @ 15:45 BST Sep 2
  • SUP 1: 0.9911/9883 Low Sep 1 / 1.764 proj of Jun 9-15-27 swing
  • SUP 2: 0.9800 Round number support
  • SUP 3: 0.9785 2.00 projection of the Jun 9 - 15 - 27 price swing
  • SUP 4: 0.9663 Channel base drawn from the Feb 10 high

EURUSD recovered Friday, but failed to make any gains through the Thursday high. This price action continues to highlight the pair’s vulnerability. Price continues to trade below 1.0090, Aug 26 high and a key near-term resistance. The downtrend remains intact and moving average studies continue to highlight bearish sentiment. Recent weakness resulted in breach of former key support at 0.9952, Jul 14 low. This confirmed a resumption of the primary downtrend. The focus is on 0.9883 next, a Fibonacci projection.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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