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Bull Cycle Remains In Play

EURUSD TECHS
  • RES 4: 1.0943 High Jan 21
  • RES 3: 1.0916 High Jun 04 and the bull trigger
  • RES 2: 1.0852 High Jun 12
  • RES 1: 1.0843 High Jul 05
  • PRICE: 1.0828 @ 05:44 BST Jul 8
  • SUP 1: 1.0763/10 20-day EMA / Low Jul 2
  • SUP 2: 1.0666 Low Jun 26 and the bear trigger
  • SUP 3: 1.0650 Low May 1
  • SUP 4: 1.0601 Low Apr 16 and a key support

A bullish theme in EURUSD remains in play and price is trading closer to its recent highs. The move last week above 1.0775, the 50-day EMA, undermines the recent bearish theme and instead signals scope for further gains with the focus on 1.0852 next, the Jun 12 high. On the downside, a resumption of weakness would refocus attention on the bear trigger at 1.0666, Jun 26 low. Initial support to watch lies at 1.0763, the 20-day EMA.

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