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Trend Needle Still Points South

EURUSD TECHS
  • RES 4: 1.0512 Bull channel resistance drawn from the Feb 10 high
  • RES 3: 1.0449 High Jul 5
  • RES 2: 1.0290/0359 20-day EMA / Low Jun 15
  • RES 1: 1.0122/0191 High Jul 13 / High Jul 8
  • PRICE: 1.0028 @ 06:07 BST Jul 15
  • SUP 1: 0.9944 1.618 projection of the Jun 9 - 15 - 27 price swing
  • SUP 2: 0.9883 1.764 projection of the Jun 9 - 15 - 27 price swing
  • SUP 3: 0.9863 Dec 2002 low
  • SUP 4: 0.9785 2.00 projection of the Jun 9 - 15 - 27 price swing

EURUSD trend conditions remain bearish and the pair resumed its slide Thursday. Support at parity and 0.9973, the base of the bear channel drawn from the Feb 10 high, were breached Thursday. This strengthens the current bearish case and attention turns to 0.9944, a Fibonacci projection. Clearance of this level would open 0.9883. Initial resistance has been defined at 1.0122, the Jul 13 high.

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