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Bear Flag

EURUSD TECHS
  • RES 4: 1.2414 High Apr 17, 2018
  • RES 3: 1.2349/53 High Jan 6 / High Apr 20, 2018
  • RES 2: 1.2266/85 High May 25 and the bull trigger / High Jan 8
  • RES 1: 1.2218 High Jun 9
  • PRICE: 1.2128 @ 05:55 BST Jun 16
  • SUP 1: 1.2093 Low Jun 11
  • SUP 2: 1.2052/42 Low May 13 / 100-dma
  • SUP 3: 1.1986 Low May 5
  • SUP 4: 1.1919 61.8% retracement of the Mar 31 - May 25 rally

EURUSD is trading closer to recent lows and this week's consolidation appears to be a bear flag. The recent breach of the 50-day EMA and 1.2104, Jun 4 low signals scope for a deeper short-term correction and an extension would expose the next firm support at 1.2052, May 13 low with the 100-dma at 1.2042. On the upside, initial firm resistance is at 1.2218, Jun 9 high. A break would ease the bearish threat and open 1.2266 instead.

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