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Trend Needle Points South

EURUSD TECHS
  • RES 4: 1.1229 High Jul 20
  • RES 3: 1.1150 High Jul 27
  • RES 2: 1.1065 High Aug 10
  • RES 1: 1.0964 20-day EMA
  • PRICE: 1.0884 @ 05:41 BST Aug 18
  • SUP 1: 1.0857 Low Aug 17
  • SUP 2: 1.0834 Low Jul 6 and a key support
  • SUP 3: 1.0804 Low Jun 151
  • SUP 4: 1.0758 Bull channel base drawn from the Mar 15 low

The trend needle in EURUSD continues to point south and the pair is trading closer to its recent lows. The recent breach of 1.0912, the Aug 3 low, confirmed a resumption of the bear cycle that started Jul 18 and opens 1.0834 next, the Jul 6 low and a key level. Price is also trading lower inside a bull channel drawn from the Mar 15 low. The base lies at 1.0758. Initial firm resistance is seen at 1.0964, the 20-day EMA.

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