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Bear Channel Top Still Intact

EURUSD TECHS
  • RES 4: 1.0954 High Apr 11
  • RES 3: 1.0936 High Apr 21 and a key resistance
  • RES 2: 1.0852 High Apr 22
  • RES 1: 1.0751/87 Bear channel top from Feb 10 high / High May 30
  • PRICE: 1.0739 @ 15:46 BST Jun 8
  • SUP 1: 1.0627/0533 Low Jun 1 / Low May 20
  • SUP 2: 1.0461 Low May 18 and19
  • SUP 3: 1.0350 Low May 13 and bear trigger
  • SUP 4: 1.0341 Low Jan 3 2017 and a key support

EURUSD remains below recent highs. The focus is on key short-term resistance defined by the top of a bear channel drawn from the Feb 10 high. Channel resistance intersects at 1.0760 today. A break would strengthen bullish conditions and highlight a stronger short-term reversal. Note that the primary trend remains down. A reversal lower, with channel resistance intact, would reinforce a bearish theme and open 1.0533 initially, May 20 low.

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