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Bullish Price Action

EURUSD TECHS
  • RES 4: 1.1095 High Apr 26 and key resistance
  • RES 3: 1.1054 High May 8
  • RES 2: 1.1012 High Jun22 and the bull trigger
  • RES 1: 1.0977 High Jun 27
  • PRICE: 1.0955 @ 05:50 BST Jul 10
  • SUP 1: 1.0888 20-day EMA
  • SUP 2: 1.0835 Low Jun 30 and the bear trigger
  • SUP 3: 1.0824/04 50.0% of the May 31 - Jun 22 rally / Low Jun 15
  • SUP 4: 1.0779 61.8% retracement of the May 31 - Jun 22 rally

EURUSD traded higher Friday. The bounce affirms the view that the recent pullback has been corrective. The recovery from support at 1.0835, the Jun 30 low, has resulted in a break of 1.0934, the Jul 3 high. This reinforces a bullish condition and opens 1.0977, the Jun 27 high, ahead of the bull trigger at 1.1012, the Jun 22 high. Key support has been defined at 1.0835 where a break is required to reinstate a bearish theme.

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