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Trend Outlook Remains Bearish

EURUSD TECHS
  • RES 4: 1.0327 High Aug 12
  • RES 3: 1.0246 Channel top drawn from the Feb 10 high
  • RES 2: 1.0097/0115 Low Jul 27 / 20-day EMA
  • RES 1: 1.0047 High Aug 22
  • PRICE: 0.9963 @ 06:07 BST Aug 26
  • SUP 1: 0.9883 1.764 projection of the Jun 9 - 15 - 27 price 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: 0.9708 Channel base drawn from the Feb 10 high

EURUSD is consolidating and remains above the Aug 23 low. The outlook is bearish following this week’s move lower and breach of 0.9952, Jul 14 low. The break confirmed an extension lower inside the bear channel and a resumption of the primary downtrend. The focus is on 0.9883 next, a Fibonacci projection. Further out, scope is seen for a move towards the channel base at 0.9708. Initial resistance is at 1.0047.

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