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Resumes Broader Bear Cycle

EURUSD TECHS
  • RES 4: 1.1909 High Jul 30 / Sep 03 and a key resistance
  • RES 3: 1.1824/46 1.0% 10-dma envelope / High Sep 14
  • RES 2: 1.1755/87 High Sep 22 / 50-day EMA
  • RES 1: 1.1664/1738 Low Aug 20 / 20-day EMA
  • PRICE: 1.1606 @ 06:04 BST Sep 30
  • SUP 1: 1.1581 Low Jul 24, 2020
  • SUP 2: 1.1493 50.0% retracement of the Mar '20 - Jan '21 bull phase
  • SUP 3: 1.1469 1.236 proj of the Jan 6 - Mar 31 - May 25 price swing
  • SUP 4: 1.1371 Low Jul 16

EURUSD is bearish. The pair extended losses through key support Wednesday at 1.1664, Aug 20 low, slipping to fresh 2021 lows. The move lower confirms a resumption of the broader downtrend that has been in place since May 25 and maintains a price sequence of lower lows and lower highs. The focus is on 1.1493 next, a Fibonacci retracement. Resistance is at 1.1755, Sep 22 high. Clearance of this level is required to signal a S/T base.

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