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Trendline Support Cleared

EURO-DOLLAR TECHS
  • RES 4: 1.2011 High Sep 1 and the bull trigger
  • RES 3: 1.1929 High Sep 2
  • RES 2: 1.1917 High Sep 10
  • RES 1: 1.2253 Former bull channel support
  • PRICE: 1.1755 @ 05:32 BST Sep 17
  • SUP 1: 1.1738 Intraday low
  • SUP 2: 1.1709 50-day EMA
  • SUP 3: 1.1687 23.6% retracement of the Mar - Sep rally
  • SUP 4: 1.1639 Low Jul 27

EURUSD is under pressure. The pair has cleared trendline support drawn off the May 14 low. The break lower signals scope for an extension of the pullback that has dominated since failing above 1.2000 early September. Furthermore it appears the break lower has also confirmed a head and shoulders reversal pattern on the daily chart. The focus is on 1.1709, the 50-day EMA. Resistance is at 1.2253, the former bull channel support.

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