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Tests Support At The Channel Base

EURUSD TECHS
  • RES 4: 1.1150 High Jul 27
  • RES 3: 1.1065 High Aug 10 and a key resistance
  • RES 2: 1.1005 High Aug 11
  • RES 1: 1.0921 20-day EMA
  • PRICE: 1.0791 @ 16:45 BST Aug 25
  • SUP 1: 1.0769/66 Bull channel base drawn from Mar 15 / Low Aug 25
  • SUP 2: 1.0733 Low Jun 12
  • SUP 3: 1.0668 Low Jun 7
  • SUP 4: 1.0635 Low May 31 and a key support

The trend needle in EURUSD continues to point south and this week’s move lower reinforces bearish conditions. The pair has traded to fresh cycle low this week and breached 1.0834, Aug 22 low. Price continues to weaken inside a bull channel drawn from the Mar 15 low and has tested the base at 1.0769, a key pivot support. A clear break of it would open 1.0733, the Jun 12 low. Initial firm resistance is seen at 1.0921, the 20-day EMA.

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