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Approaching Parity And The Channel Base

EURUSD TECHS
  • RES 4: 1.0615 High Jun 27 and a key resistance
  • RES 3: 1.0538 Bull channel resistance drawn from the Feb 10 high
  • RES 2: 1.0359/0378 Low Jun 15 / 20-day EMA
  • RES 1: 1.0191 High Jul 8
  • PRICE: 1.0058 @ 16:16 BST Jul 12
  • SUP 1: 1.0000 Bear channel base and psychological support
  • SUP 2: 0.9944 1.618 projection of the Jun 9 - 15 - 27 price swing
  • SUP 3: 0.9883 1.764 projection of the Jun 9 - 15 - 27 price swing
  • SUP 4: 0.9785 2.00 projection of the Jun 9 - 15 - 27 price swing

EURUSD started the week on a soft note, trading lower Monday and resuming its downtrend. Last week’s breach of 1.0350, May 13 low, confirmed an extension of the bearish price sequence of lower lows and lower highs. The focus is on parity, the base of a channel drawn from the Feb 10 high and a psychological level. A break would strengthen bearish conditions and open 0.9944. Firm resistance is at 1.0378, the 20-day EMA.

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