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Trend Needle Still Points South

EURUSD TECHS
  • RES 4: 1.0327 High Aug 12
  • RES 3: 1.0220 Channel top drawn from the Feb 10 high
  • RES 2: 1.0193 High Aug 18
  • RES 1: 1.0090 High Aug 26 and key near-term resistance
  • PRICE: 1.0043 @ 06:13 BST Aug 31
  • SUP 1: 0.9982/9883 Low Aug 30 / 1.764 proj of Jun 9-15-27 swing
  • SUP 2: 0.9800 Round number support
  • SUP 3: 0.9785 2.00 projection of the Jun 9 - 15 - 27 price swing
  • SUP 4: 0.9681 Channel base drawn from the Feb 10 high

EURUSD is slightly firmer but continues to trade in a range and below 1.0090, Aug 26 high. The downtrend remains intact and moving average studies still highlight a downward path. Recent weakness resulted in breach of former key support at 0.9952, Jul 14 low. This confirmed a resumption of the primary downtrend. The focus is on 0.9883 next, a Fibonacci projection. Firm short-term resistance is seen at 1.0090.

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