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Trend Needle Points South

EURUSD TECHS
  • RES 4: 1.1313 High Feb 24 2022
  • RES 3: 1.1276 High Jul 18 and the bull trigger
  • RES 2: 1.1150/1229 High Jul 27 / 20
  • RES 1: 1.1022 20-day EMA
  • PRICE: 1.0951@ 05:50 BST Aug 4
  • SUP 1: 1.0912 Low Aug 03
  • SUP 2: 1.0867 Low Jul 7
  • SUP 3: 1.0834 Low Jul 6 and a key support
  • SUP 4: 1.0804 Low Jun 15

EURUSD remains in a downtrend. This week’s move lower has resulted in a break of trendline support drawn off the May 31 low as well as the 50-day EMA. The move strengthens the current bearish theme and opens the 1.0867 Jul 7 low initially ahead of key support 1.0834, the Jul 6 low. Momentum studies continue to point south highlighting the current trend direction. The 20-day EMA, at 1.1022 marks initial resistance.

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