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Bear Threat Remains Present

EURUSD TECHS
  • RES 4: 1.0916 High Jun 04 and the bull trigger
  • RES 3: 1.0852 High High Jun 12
  • RES 2: 1.0798 50-day EMA
  • RES 1: 1.0745 High Jun 14
  • PRICE: 1.0737 @ 16:13 BST Jun 18
  • SUP 1: 1.0668 Low Jun 14
  • SUP 2: 1.0650 Low May 1
  • SUP 3: 1.0601 Low Apr 16 and a key support
  • SUP 4: 1.0568 Low Nov 2

A bearish theme in EURUSD remains intact. The reversal from last week’s high resulted in a break of 1.0720, the Jun 11 low. This strengthens a bearish theme. Note too 1.0675, 76.4% of the Apr 16 - Jun 4 bull leg, has been pierced. A clear break of it would signal scope for an extension towards 1.0650 next, the May 1 low. Key short-term resistance has been defined at 1.0852, the Jun 12 high. Initial resistance is 1.0745, the Jun 14 high.

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