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Bearish Threat Remains Present

EURUSD TECHS
  • RES 4: 1.0852 High Apr 22
  • RES 3: 1.0787 High May 30 and a reversal trigger
  • RES 2: 1.0654/0774 Bear channel top from Feb 10 high / High Jun 9
  • RES 1: 1.0606 High Jun 22
  • PRICE: 1.0515 @ 15:37 BST Jun 23
  • SUP 1: 1.0445/0359 Low Jun 17 and 15
  • SUP 2: 1.0350 Low May 13 and bear trigger
  • SUP 3: 1.0341 Low Jan 3 2017 and a key support
  • SUP 4: 1.0233 1.382 proj of Feb 10 - Mar 7 - 31 Price swing

EURUSD traded marginally higher Wednesday to 1.0606. Trend signals such as moving averages, continue to highlight a downtrend and short-term gains are still considered corrective. The recent reversal lower from the top of a bear channel, drawn from the Feb 10 high also highlights a bearish condition. The channel top intersects at 1.0654 and is a key short-term resistance. Attention is on 1.0350, May 13 low and the bear trigger.

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