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Still Trading Inside The Bear Channel

EURUSD TECHS
  • RES 4: 1.0488 High Jun 30
  • RES 3: 1.0449 High Jul 5
  • RES 2: 1.0308/68 Channel top from Feb 10 high / High Aug 10
  • RES 1: 1.0221 20-day EMA
  • PRICE: 1.0184 @ 06:04 BST Aug 17
  • SUP 1: 1.0123 Low Aug 3 & 16
  • SUP 2: 1.0097 Low Jul 27 and key short-term support
  • SUP 3: 1.0007/0.9952 Low Jul 15 / 14 and the bear trigger
  • SUP 4: 0.9944 1.618 projection of the Jun 9 - 15 - 27 price swing

EURUSD remains below last week’s 1.0368 high (Aug 10). The recent move down appears to be a short-term reversal and means that the pair has failed to clear channel resistance. The bear channel is drawn from the Feb 10 high and intersects at 1.0308. Attention is on support at 1.0123, Aug 3 low - a level traded on Tuesday. A break would strengthen the bearish theme. Key resistance is at 1.0368.

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  • RES 4: 1.0488 High Jun 30
  • RES 3: 1.0449 High Jul 5
  • RES 2: 1.0308/68 Channel top from Feb 10 high / High Aug 10
  • RES 1: 1.0221 20-day EMA
  • PRICE: 1.0184 @ 06:04 BST Aug 17
  • SUP 1: 1.0123 Low Aug 3 & 16
  • SUP 2: 1.0097 Low Jul 27 and key short-term support
  • SUP 3: 1.0007/0.9952 Low Jul 15 / 14 and the bear trigger
  • SUP 4: 0.9944 1.618 projection of the Jun 9 - 15 - 27 price swing

EURUSD remains below last week’s 1.0368 high (Aug 10). The recent move down appears to be a short-term reversal and means that the pair has failed to clear channel resistance. The bear channel is drawn from the Feb 10 high and intersects at 1.0308. Attention is on support at 1.0123, Aug 3 low - a level traded on Tuesday. A break would strengthen the bearish theme. Key resistance is at 1.0368.