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Trades Through The 20-Day EMA

  • RES 4: 1.1821 High Sep 16
  • RES 3: 1.1747/55 Bear channel from Jun 1 high / High Sep 22
  • RES 2: 1.1704 50-day EMA
  • RES 1: 1.1655 Intraday high
  • PRICE: 1.1647 @ 06:09 BST Oct 19
  • SUP 1: 1.1572/24 Low Oct 18 / Low Oct 12 and the bear trigger
  • SUP 2: 1.1493 50.0% retracement of the Mar '20 - Jan '21 bull phase
  • SUP 3: 1.1469 1.236 proj of the Jan 6 - Mar 31 - May 25 price swing
  • SUP 4: 1.1412 Bear channel base drawn from the Jun 1 high

EURUSD is trading higher today and has breached last week's highs. The pair has also moved above its 20-day EMA at 1.1625. The break of this average signals scope for a stronger short-term corrective bounce and potentially opens the 50-day EMA that intersects at 1.1704. Broader trend conditions remain bearish though and a resumption of weakness would open the key support and bear trigger at 1.1524.

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