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Bear Cycle Remains In Play

  • RES 4: 1.1007 High May 10
  • RES 3: 1.0905 High May 16
  • RES 2: 1.0824/48 20- and 50-day EMA values
  • RES 1: 1.0759 High May 26
  • PRICE: 1.0696 @ 05:50 BST May 31
  • SUP 1: 1.0673 Low May 30
  • SUP 2: 1.0653 76.4% retracement of the Mar 15 - Apr 26 bull run
  • SUP 3: 1.0631 Low Mar 20
  • SUP 4: 1.0608 Low Mar 17

The EURUSD trend needle continues to point south and the pair is trading lower today. A fresh trend low yesterday reinforces bearish conditions. The 1.0713 objective has been breached, the Mar 24 low and this paves the way for a move towards 1.0653 next, a Fibonacci retracement point and the next key support. A firm resistance is seen at 1.0824, the 20-day EMA. Clearance of this average is required to ease current bearish pressure.

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