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Approaching The Bear Channel Base

EURUSD TECHS
  • RES 4: 1.0615 High Jun 27 and a key resistance
  • RES 3: 1.0556 Bull channel resistance drawn from the Feb 10 high
  • RES 2: 1.0359/0438 Low Jun 15 / 20-day EMA
  • RES 1: 1.0221 High Jul 7
  • PRICE: 1.0187 @ 16:03 BST Jul 8
  • SUP 1: 1.0072 Low Jul 8
  • SUP 2: 1.0018 Bear channel base drawn from the Feb 10 high
  • SUP 3: 1.0000 Parity and a key psychological support
  • SUP 4: 0.9944 1.618 projection of the Jun 9 - 15 - 27 price swing

EURUSD trend conditions remain bearish and the pair initially traded weaker Friday before recovering into the close. Tuesday's impulsive sell-off resulted in a break of 1.0350, May 13 low, to confirm a resumption of the primary downtrend. This week’s sell-off also highlights an acceleration of the downtrend. The focus is on 1.0018, the base of a channel drawn from the Feb 10 high. Firm resistance is seen at 1.0438, 20-day EMA. Initial resistance is at 1.0221.

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