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Vulnerable Despite Corrective Bounce

EURUSD TECHS
  • RES 4: 1.0503 Bull channel resistance drawn from the Feb 10 high
  • RES 3: 1.0449 High Jul 5
  • RES 2: 1.0270/0359 20-day EMA / Low Jun 15
  • RES 1: 1.0201 High Jul 18
  • PRICE: 1.0176 @ 16:14 BST Jul 18
  • SUP 1: 0.9944 1.618 projection of the Jun 9 - 15 - 27 price swing
  • SUP 2: 0.9883 1.764 projection of the Jun 9 - 15 - 27 price swing
  • SUP 3: 0.9863 Dec 2002 low
  • SUP 4: 0.9785 2.00 projection of the Jun 9 - 15 - 27 price swing

The trend direction in EURUSD remains down. Support at parity and 0.9965, the base of the bear channel drawn from the Feb 10 high, were breached last Thursday. This strengthens the current bearish case and opens 0.9944, a Fibonacci projection. Clearance of this level would expose 0.9883. Initial resistance to watch is the 20-day EMA at 1.0270. A break would highlight the possibility of a short-term correction from the base of the bear channel.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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