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Bearish Threat Remains Present

EURUSD TECHS
  • RES 4: 1.0852 High Apr 22
  • RES 3: 1.0787 High May 30 and a reversal trigger
  • RES 2: 1.0671/0774 Bear channel top from Feb 10 high / High Jun 9
  • RES 1: 1.0601 High Jun 16
  • PRICE: 1.0495 @ 06:06 BST Jun 22
  • SUP 1: 1.0445/0359 Low Jun 17 and 15
  • SUP 2: 1.0350 Low May 13 and bear trigger
  • SUP 3: 1.0341 Low Jan 3 2017 and a key support
  • SUP 4: 1.0233 1.382 proj of Feb 10 - Mar 7 - 31 Price swing

EURUSD remains above last week’s lows and recent gains are still considered corrective. A bearish threat remains present. The recent reversal lower from the top of a bear channel drawn from the Feb 10 high, highlights a bearish condition. The channel top intersects at 1.0662 and marks a key short-term resistance. Attention is on 1.0350, May 13 low and the bear trigger. Initial firm resistance is unchanged at 1.0601, Jun 16 high.

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