- 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.
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
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