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Watching Resistance

EURUSD TECHS
  • RES 4: 1.0432 Bull channel resistance drawn from the Feb 10 high
  • RES 3: 1.0386 50-day EMA
  • RES 2: 1.0359 Low Jun 15
  • RES 1: 1.0226/78 20-day EMA / High Jul 21
  • PRICE: 1.0203 @ 06:15 BST Jul 28
  • SUP 1: 1.0097 Low Jul 27
  • SUP 2: 1.0064/0.9952 Low Jul 18 / 14 and the bear trigger
  • SUP 3: 0.9944 1.618 projection of the Jun 9 - 15 - 27 price swing
  • SUP 4: 0.9883 1.764 projection of the Jun 9 - 15 - 27 price swing

EURUSD recovered from yesterday’s low of 1.0097 and this level marks initial support. Price is still trading below immediate resistance at 1.0278, the Jul 21 high. A break above this resistance would once again resume short-term bullish conditions and signal scope for an extension higher within the bull channel - the top intersects at 1.0432. A move lower, would instead raise the risk of a return back toward lows below parity, at 0.9952 (Jul 14).

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