EURUSD TECHS: Retracement Mode

* RES 4: 1.1654 High Sep 9 * RES 3: 1.1612 High Sep 14 * RES 2: 1.1549 50-day EMA * RES 1: 1.1498 High Sep 17 * PRICE: 1.1428 @ 06:18 BST Sep 23 * SUP 1: 1.1416 76.4% retracement of the Jun 24 - Aug 20 bull leg * SUP 2: 1.1375 Low Jul 29 * SUP 3: 1.1353 Low Jul 28 * SUP 4: 1.1325 Low Jun 24 and a key medium-term support EURUSD is trading at its cycle lows and a bear theme remains intact. The recent breach of the 50-day EMA, has strengthened the current downleg and the pair continues to retrace the bull cycle between Jun 24 and Aug 20. Sights are on 1.1416, a Fibonacci retracement. Clearance of this level would expose 1.1325, the Jun 24 low and a key medium-term support. Initial firm resistance to watch is 1.1549, the 50-day EMA.