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Trend Structure Remains Bullish

EURUSD TECHS
  • RES 4: 1.1229 High Jul 20 2023
  • RES 3: 1.1150 High Jul 27 2023
  • RES 2: 1.1139 High Dec 29 2023 and a key resistance
  • RES 1: 1.1047/1084 High Aug 14 / High Dec 29 2023
  • PRICE: 1.0982 @ 06:03 BST Aug 16
  • SUP 1: 1.0909 20-day EMA
  • SUP 2: 1.0861 50-day EMA
  • SUP 3: 1.0778 Low Aug 1 and a key support
  • SUP 4: 1.0736 Low Jul 3

A bullish theme in EURUSD remains intact despite Thursday’s move lower. The pair traded higher Tuesday and Wednesday, extending this week’s bull phase. Resistance at 1.1008, the Aug 5 high, has been cleared and this confirms a resumption of the uptrend. Sights are on 1.1084, the Dec 29 ‘23 high. Note MA studies remain in a bull-mode set-up, highlighting a rising trend condition. Initial support to watch lies at 1.0909, the 20-day EMA.

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