EURUSD Rejection on the August Resistance

The EURUSD pair confirmed our view last week that it was going to target the upper Resistance on strong 1D technicals:


The price broke both above the 1D MA100 (green trend-line) and the September Channel Up and hit exactly the 1.03670 Resistance (2) level that was formed on the August 10 High. With the 1D MA200 (orange trend-line) only a few points above the Resistance, and last week's CPI euphoria fading, the market may see a pull-back due to natural profit-taking and retrace towards the 1D MA50 and 1D MA50 (blue trend-line), to test them as Support levels.

If those hold, expect a 1D MA200 test for the first time since June 17 2021! If the price closes above the Resistance (2) first instead, we will treat it as a bullish break-out signal and immediately target Resistance (3) at 1.06135.


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