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Bear Channel Top Remains Intact

EURUSD TECHS
  • RES 4: 1.0936 High Apr 21 and a key resistance
  • RES 3: 1.0852 High Apr 22
  • RES 2: 1.0787 High May 30
  • RES 1: 1.0733/74 Bear channel top from Feb 10 high / High Jun 9
  • PRICE: 1.0637 @ 06:15 BST Jun 10
  • SUP 1: 1.0611/0533 Low Jun 9 and intraday low / 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 gains on Thursday were short lived and the pair reversed course from the session high. This resulted in a print below support at 1.0627, the Jun 1 low. The move lower also means channel resistance at 1.0733 remains intact. The channel is drawn from the Feb 10 high and the top remains a key resistance. A clear break is required to strengthen bullish conditions. For bears, an extension lower would open 1.0533, the May 20 low.

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