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  • The pair is prolonging the downside and is now navigating the area of multi-week lows around 1.1570.
  • EUR/USD has just broken below the pennant pattern (charted from June’s 1.1853 and 1.1509) and it has opened the door for a deeper retracement to, initially, the 1.1530 region ahead of YTD lows in the 1.1500 neighbourhood.
  • In the meantime, spot remains offered while below recent tops in the mid-1.1700s. This area of resistance is reinforced by the short term line, while the 21-day SMA at 1.1680 emerges as the interim hurdle.

EUR/USD daily chart




Daily high: 1.1596

Daily low: 1.1561

Support Levels

S1: 1.1555

S2: 1.1525

S3: 1.1468

Resistance Levels

R1: 1.1641

R2: 1.1698

R3: 1.1728