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Volatile, Outlook Remains Bearish Though

EURO-DOLLAR TECHS
  • RES 4: 1.1996 High May 14, 2018
  • RES 3: 1.1978 1.236 proj of May 7 - Jun 10 rally from Jun 19 low
  • RES 2: 1.1966 Cycle high Aug 18
  • RES 1: 1.1901 High Aug 27
  • PRICE: 1.1855 @ 05:37 BST Aug 28
  • SUP 1: 1.1754 Low Aug 21
  • SUP 2: 1.1711 Low Aug 12 and the bear trigger
  • SUP 3: 1.1696 Low Aug 3 and a key support
  • SUP 4: 1.1662 Trendline support drawn off the May 14 low

EURUSD suffered a strong bout of volatility yesterday following Powell's speech , spiking to 1.1901 before reversing course to trade at pre-Fed levels. The focus remains on a potential reversal threat. A bearish engulfing candle pattern on Aug 19, signals a top in the trend and is reinforced by a bearish divergence condition between price and momentum. A break of 1.1711, Aug 12 low would confirm a reversal. Resistance is at 1.1901.

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