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AUD

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Stalls Above 1.2000

EURO-DOLLAR TECHS
  • RES 4: 1.2103 76.4% retracement of the 2018 - 2020 downtrend
  • RES 3: 1.2084 High May 1, 2018
  • RES 2: 1.2032 High May 2, 2018
  • RES 1: 1.2011 High Sep 1, 2020
  • PRICE: 1.1868 @ 10:43 BST Sep 2
  • SUP 1: 1.1819 20-day EMA
  • SUP 2: 1.1763 Low Aug 27
  • SUP 3: 1.1754 Low Aug 21 and the bear trigger
  • SUP 4: 1.1711 Low Aug 12 and a key support

The EURUSD trend remains bullish however, we do note a potential S/T threat to this outlook. The sell-off yesterday from the day high resulted in a close near session lows confirming a "shooting star" candle pattern. This is a bearish development and a potential warning to bulls. Further weakness would expose key support at 1.1754, Aug 21 low. Bulls need a break above yesterday's 1.2011 high to signal a resumption of the uptrend.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com
MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com