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Trend Outlook Remains Bearish

EURUSD TECHS
  • RES 4: 1.1005 High Aug 11
  • RES 3: 1.0945 High Aug 30 and reversal trigger
  • RES 2: 1.0846 50-day EMA
  • RES 1: 1.0758/69 20-day EMA / High Sep 12
  • PRICE: 1.0704 @ 19:44 BST Sep 20
  • SUP 1: 1.0632/11 Low Sep 14 / 38.2% of the Sep’22 - Jul’23 upleg
  • SUP 2: 1.00551 Low Mar 16
  • SUP 3: 1.0516 Low Mar 15 and a key support
  • SUP 4: 1.0484 Low Jan 6

EURUSD has recovered from its recent lows. The trend condition is bearish and gains are considered corrective. The recent breach of 1.0686, the Sep 7 low, confirmed a resumption of the downtrend and has maintained the bearish sequence of lower lows and lower highs. Moving average studies are in a bear mode position, highlighting current sentiment. Sights are on 1.0611, a Fibonacci retracement. Initial firm resistance is 1.0758, the 20-day EMA.

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