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Reverses Lower From Earlier Highs

EURUSD TECHS
  • RES 4: 1.1355 1.382 proj of the May 31 - Jun 22 - Jul 7 price swing
  • RES 3: 1.1313 High Feb 24 2022
  • RES 2: 1.1276 High Jul 18 and the bull trigger
  • RES 1: 1.1150/1229 Intraday high / High Jul 20
  • PRICE: 1.1045 @ 14:07 BST Jul 27
  • SUP 1: 1.1021 Low Jul 25
  • SUP 2: 1.1012/04 High Jun 22 / Low Jul 12
  • SUP 3: 1.0972 50-day EMA
  • SUP 4: 1.0949 Trendline support drawn from the May 31 low

EURUSD has pulled back sharply from today’s high of 1.1150. This reinforces a short-term bearish theme and suggests that a bearish corrective cycle remains intact - for now. A break of 1.1021, the Jul 25 low, would resume the bear leg and open the 50-day EMA at 1.0972. Note that a trendline support lies at 1.0949, drawn from the May 31 low. First resistance is at today’s 1.1150 high. A clear break would expose 1.1229, the Jul 20 high.

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