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Bounce Off Support Extends

EURUSD TECHS
  • RES 4: 1.1095 High Apr 26 and key resistance
  • RES 3: 1.1054 High May 8
  • RES 2: 1.0977/1012 High Jun 27 / 22 and the bull trigger
  • RES 1: 1.0950 High Jul 7
  • PRICE: 1.0947 @ 15:47 BST Jul 7
  • SUP 1: 1.0824/04 50.0% of the May 31 - Jun 22 rally / Low Jun 15
  • SUP 2: 1.0779 61.8% retracement of the May 31 - Jun 22 rally
  • SUP 3: 1.0733 Low Jun 12
  • SUP 4: 1.0724 76.4% retracement of the May 31 - Jun 22 rally

EURUSD extended a bounce off a Friday low after the softer-than-expected nonfarm payrolls release. The bounce affirms the view that the recent pullback is considered corrective. The recovery off support at 1.0835, the Jun 30 low, has now taken out 1.0934, the Jul 3 high. The break here marks a bullish development, opening 1.0977 initially, ahead of the bull trigger at 1.1012.

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