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Trend Needle Continues To Point North

EURUSD TECHS
  • RES 4: 1.1139 High Dec 29 ‘ 23 and a key resistance
  • RES 3: 1.1084 High Dec 29
  • RES 2: 1.1046 High Jan 2
  • RES 1: 1.1012 76.4% retracement of the Dec 28 ‘23 - Apr 16 downleg
  • PRICE: 1.0937 @ 16:29 BST Aug 12
  • SUP 1: 1.0875 20-day EMA
  • SUP 2: 1.0840 50-day EMA
  • SUP 3: 1.0778 Low Aug 1 and a key support
  • SUP 4: 1.0736 Low Jul 3

EURUSD is unchanged and remains in consolidation mode - for now. A bull theme is intact following recent gains and the breach of a key short-term resistance at 1.0948, Jul 17 high. The move higher confirmed a resumption of the uptrend and opens 1.1012 next, a Fibonacci retracement. Key short-term support has been defined at 1.0778, the Aug 1 low. A pullback would be considered corrective. Initial support to watch lies at 1.0875, the 20-day EMA.

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