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Bearish Outlook

  • RES 4: 1.0852 High Apr 22
  • RES 3: 1.0787 High May 30
  • RES 2: 1.0716/74 Bear channel top from Feb 10 high / High Jun 9
  • RES 1: 1.0523/0632 High Jun 13 / 20-day EMA
  • PRICE: 1.0425 @ 06:16 BST Jun 14
  • SUP 1: 1.0397 Intraday low
  • SUP 2: 1.0350 Low May 13 and bear trigger
  • SUP 3: 1.0341 Low Jan 3 2017 and a key support
  • SUP 4: 1.0177 Bear channel base, drawn from the Feb 10 high

EURUSD maintains a bearish theme and accelerated losses Monday. The pair is narrowing the gap with the bear trigger at 1.0350, May 13 low. The latest key technical development has been the inability to clear the top of its bear channel resistance drawn from the Feb 10 high - the channel top intersects at 1.0716 today. The reversal lower signals a resumption of the primary downtrend. Initial firm resistance is at 1.0632, the 20-day EMA.

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