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Weaker Following Impulsive Sell-Off

EURUSD TECHS
  • RES 4: 1.1313 High Feb 24 2022
  • RES 3: 1.1276 High Jul 18 and the bull trigger
  • RES 2: 1.1150/1229 Intraday high / High Jul 20
  • RES 1: 1.1054 20-day EMA
  • PRICE: 1.0969 @ 05:46 BST Jul 28
  • SUP 1: 1.0956 Trendline support drawn from the May 31 low
  • SUP 2: 1.0867 Low Jul 7
  • SUP 3: 1.0834 Low Jul 6 and a key support
  • SUP 4: 1.0804 Low Jun 15

EURUSD traded sharply lower Thursday following a reversal from the day high of 1.1150. The move lower reinforces a short-term bearish theme. The pair is testing support at the 50-day EMA at 1.0972 and is just above a trendline support at 1.0956, drawn from the May 31 low. A clear break of both levels would strengthen a bearish threat and open 1.0867, the Jul 7 low. First key resistance is at yesterday’s 1.1150 high.

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