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Watching Channel Resistance

EURUSD TECHS
  • RES 4: 1.0852 High Apr 22
  • RES 3: 1.0787 High May 30 and a reversal trigger
  • RES 2: 1.0627/0774 Bear channel top from Feb 10 high / High Jun 9
  • RES 1: 1.0615 High Jun 27
  • PRICE: 1.0530 @ 16:09 BST Jun 28
  • 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 higher Monday, but faded into the Tuesday close. Attention is on key resistance at 1.0627 - the top of a bear channel drawn from the Feb 10 high. The primary trend direction remains down and the outlook is bearish. Moving average studies point south and a break lower would open 1.0350, May 13 low and the bear trigger. A clear break of 1.0627 however would alter the picture.

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  • RES 4: 1.0852 High Apr 22
  • RES 3: 1.0787 High May 30 and a reversal trigger
  • RES 2: 1.0627/0774 Bear channel top from Feb 10 high / High Jun 9
  • RES 1: 1.0615 High Jun 27
  • PRICE: 1.0530 @ 16:09 BST Jun 28
  • 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 higher Monday, but faded into the Tuesday close. Attention is on key resistance at 1.0627 - the top of a bear channel drawn from the Feb 10 high. The primary trend direction remains down and the outlook is bearish. Moving average studies point south and a break lower would open 1.0350, May 13 low and the bear trigger. A clear break of 1.0627 however would alter the picture.