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Takes Out 1.20

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: 1.1961 @ 16:03 BST Sep 1
  • SUP 1: 1.1884 Low Aug 31
  • SUP 2: 1.1810 20-day EMA
  • SUP 3: 1.1754 Low Aug 21 and a key support
  • SUP 4: 1.1711 Low Aug 12 and the bear trigger

The rally in EURUSD extended throughout the Tuesday session, taking out heavy resistance at the 1.20 handle to briefly trade up at new multi-year highs of 1.2011. This cements the resumption of the uptrend that has been in place since reversing direction in March. The pair now trades within reach of next upside levels at 1.2032/84 and key resistance at 1.2103. On the downside, initial support lies at 1.1884, Aug 31 low.

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