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Bull Flag Formation

EURUSD TECHS
  • RES 4: 1.0981 High Mar 8 and a key resistance
  • RES 3: 1.0964 High Mar 13
  • RES 2: 1.0933 61.8% retracement of the Dec 28 - Apr 16 bear leg
  • RES 1: 1.0895 High May 16 and the bull trigger
  • PRICE: 1.0886 @ 17:43 BST Jun 3
  • SUP 1: 1.0788 Low May 30 and a key short-term support
  • SUP 2: 1.0766 Low May 13
  • SUP 3: 1.0748 50.0% retracement of the Apr 16 - May 16 rally
  • SUP 4: 1.0713 61.8% retracement of the Apr 16 - May 16 rally

EURUSD has recovered from last Thursday’s low of 1.0788. The recent pullback appears to have been a correction and potentially a flag formation - a bullish continuation signal. This reinforces a bull theme and note that moving average studies also highlight an uptrend. A resumption of gains would open 1.0933 next, a Fibonacci retracement. Support to watch lies at 1.0788, the May 30 low.

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