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Trend Needle Points South

EURUSD TECHS
  • RES 4: 1.1065 High Aug 10 and a key resistance
  • RES 3: 1.1005 High Aug 11
  • RES 2: 1.0821/1.0945 20-day EMA / High Aug 30 and reversal trigger
  • RES 1: 1.0793 Former channel support-now-resistance
  • PRICE: 1.0749 @ 16:21 BST Sep 11
  • SUP 1: 1.0686 Low Sep 7
  • SUP 2: 1.0668 Low Jun 7
  • SUP 3: 1.0635 Low May 31 and a key support
  • SUP 4: 1.0611 38.2% Fib retracement Sep’22 - Jul’23 upleg

EURUSD conditions remain bearish and the pair remains closer to its recent lows, despite a modest bounce on Monday. The bull channel breakout last week reinforced the current bearish condition and sights are on 1.0668 next, the Jun 7 low. The channel is drawn from the Mar 15 low. Note that moving average studies remain in a bear mode set-up highlighting the market's current sentiment. Key short-term resistance has been defined at 1.0945, the Aug 30 high.

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