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Clears Key Short-Term Support

EURUSD TECHS
  • RES 4: 1.0964 High Mar 13
  • RES 3: 1.0933 61.8% retracement of the Dec 28 - Apr 16 bear leg
  • RES 2: 1.0836/1.0916 20-day EMA / High Jun 04 and the bull trigger
  • RES 1: 1.0812 50-day EMA
  • PRICE: 1.0756 @ 06:01 BST Jun 10
  • SUP 1: 1.0748 Intraday low
  • SUP 2: 1.0724 Low May 9
  • SUP 3: 1.0675 76.4% retracement of the Apr 16 - Jun 4
  • SUP 4: 1.0650 Low May 1

EURUSD traded sharply lower Friday and the pair is weak again today. Price has breached the 20-day EMA and this has been followed by a break of support at 1.0788, the May 30 low. The move lower undermines the recent bullish theme and signals scope for a deeper pullback. Sights are on 1.0724, the May 9 low and 1.0675 further out, a Fibonacci retracement point. Initial resistance is seen at 1.0812, the 50-day EMA.

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