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Trading Below Recent Highs

EURUSD TECHS
  • RES 4: 1.1965 50.0% retracement of the May - Aug sell-off
  • RES 3: 1.1945 High Jun 28
  • RES 2: 1.1941 1.0% 10-dma envelope
  • RES 1: 1.1909 High Jul 30 / Sep 03 and a key resistance
  • PRICE: 1.1816 @ 16:34 BST Sep 8
  • SUP 1: 1.1807/02 20-day EMA/Low Sep 8
  • SUP 2: 1.1735/1664 Low Aug 27 / Low Aug 20 and the bear trigger
  • SUP 3: 1.1621 1.00 proj of the Jan 6 - Mar 31 - May 25 price swing
  • SUP 4: 1.1603 Low Nov 4, 2020

EURUSD is lower this week and continues to trade below 1.1909, the Jul 30 and Sep 3 high. It represents a key short-term resistance and hurdle for bulls - a break would strengthen bullish conditions. The recent breach of the 50-day EMA reinforces a positive S/T condition and price remains above the average. The support to watch is 1.1735, Aug 27 low. A break would suggest the recent rally is over. Initial support is at 1.1807, the 20-day EMA. This level was tested Wednesday, but failed to be meaningfully broken.

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