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Watching Support At The 50-Day EMA

EURUSD TECHS
  • RES 4: 1.0981 High Mar 8 and a key resistance
  • RES 3: 1.0964 High Mar 13
  • RES 2: 1.0897/0948 High Jul 23 / 17 and the bull trigger
  • RES 1: 1.0870 High Jul 25 / 29
  • PRICE: 1.0826 @ 06:01 BST Aug 1
  • SUP 1: 1.0798 Low Jul 30
  • SUP 2: 1.0774 61.8% retracement of the Jun 26 - Jul 17 bull phase
  • SUP 3: 1.0733 76.4% retracement of the Jun 26 - Jul 17 bull phase
  • SUP 4: 1.0666 Low Jun 26

EURUSD remains in a bear-mode condition for now and price is trading just above Tuesday’s low. The pair has pierced support at the 50-day EMA, at 1.0802, an important short-term pivot support. A clear break of it would signal scope for a deeper retracement towards 1.0774, a Fibonacci retracement. . A reversal higher would highlight the end of the current corrective cycle and open the key resistance at 1.0948, the Jul 17 high.

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