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Resumes Its Downtrend

EURUSD TECHS
  • RES 4: 1.1005 High Aug 11
  • RES 3: 1.0945 High Aug 30 and reversal trigger
  • RES 2: 1.0870 50-day EMA
  • RES 1: 1.0801 20-day EMA
  • PRICE: 1.0685 @ 14:20 BST Sep 14
  • SUP 1: 1.0656 Low Sep 14
  • SUP 2: 1.0635 Low May 31 and a key support
  • SUP 3: 1.0611 38.2% Fib retracement Sep’22 - Jul’23 upleg
  • SUP 4: 1.0516 Low Mar 15 and a key support

EURUSD conditions remain bearish and the pair has traded lower today, breaching support at 1.0686, the Sep 7 low. The break lower confirms a resumption of the downtrend and maintains the current bearish sequence of lower lows and lower highs. Note too that moving average studies are in a bear mode position, highlighting the market's current sentiment. Sights are on 1.0635, the May 31 low. Initial firm resistance is at 1.0801, the 20-day EMA.

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