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Bear Threat Remains Present

EURUSD TECHS
  • RES 4: 1.0964 High Mar 13
  • RES 3: 1.0933 61.8% retracement of the Dec 28 - Apr 16 bear leg
  • RES 2: 1.0830/1.0916 20-day EMA / High Jun 04 and the bull trigger
  • RES 1: 1.0810 50-day EMA
  • PRICE: 1.0769 @ 05:35 BST Jun 11
  • SUP 1: 1.0733 Low Jun 10
  • SUP 2: 1.0724 Low May 9
  • SUP 3: 1.0675 76.4% retracement of the Apr 16 - Jun 4
  • SUP 4: 1.0650 Low May 1

EURUSD remains soft. The pair traded sharply lower Friday and extended losses on Monday. Price has breached key short-term support at 1.0788, the May 30 low. The move lower undermines the recent bullish theme and signals scope for a deeper pullback. Sights are on 1.0724, the May 9 low and 1.0675 further out, a Fibonacci retracement point. Initial resistance is seen at 1.0810, the 50-day EMA.

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