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Strong Reversal

EURUSD TECHS
  • RES 4: 1.0981 High Mar 8 and a key resistance
  • RES 3: 1.0964 High Mar 13
  • RES 2: 1.0948 High Jul 7 and the bull trigger
  • RES 1: 1.0903 High Jul 22
  • PRICE: 1.0085 @ 14:01 BST Aug 2
  • SUP 1: 1.0835/1.0778 20-day EMA / Low Aug 01 and key support
  • SUP 2: 1.0774 61.8% retracement of the Jun 26 - Jul 17 bull phase
  • SUP 3: 1.0733 76.4% retracement of the Jun 26 - Jul 17 bull phase
  • SUP 4: 1.0666 Low Jun 26

Today’s strong rally in EURUSD has resulted in a break of resistance at 1.0870, the Jul 25 / 29 high. This highlights a short-term bullish development and signals the end of the recent bearish corrective cycle. A continuation higher would expose key short-term resistance and the bull trigger at 1.0948, the Jul 17 high. On the downside, key short-term support has been defined at 1.0778, Thursday’s low.

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