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Bull Rally Intact

EURUSD TECHS
  • RES 4: 1.1185 High Mar 31 2022
  • RES 3: 1.1095 High Apr 26 and key resistance
  • RES 2: 1.1054 High May 8
  • RES 1: 1.0986 61.8% retracement of the Apr 26 - May 31 downleg
  • PRICE: 1.0936 @ 18:38 BST Jun 16
  • SUP 1: 1.0864/1.0804 High Jun 14 / Low Jun 15
  • SUP 2: 1.0777 20-day EMA
  • SUP 3: 1.0733 Low Jun 12
  • SUP 4: 1.0667/35 Low Jun 6 / Low May 31 and the bear trigger

EURUSD rallied sharply higher last week, extending the bull cycle that started at 1.0635 on May 31. A number of important retracement points have been cleared, reinforcing bullish conditions and this signals scope for an extension towards 1.0986, 76.4% of the Apr 26 - May 31 downleg. A break of this level would open 1.1054, the May 8 high. Initial firm support is last Thursday’s low of 1.0804.

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