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Downtrend Intact

EURUSD TECHS
  • RES 4: 1.0530 Bull channel resistance drawn from the Feb 10 high
  • RES 3: 1.0449 High Jul 5
  • RES 2: 1.0346/59 20-day EMA / Low Jun 15
  • RES 1: 1.0191 High Jul 8
  • PRICE: 1.0058 @ 16:16 BST Jul 12
  • SUP 1: 1.0000/9991 Low Jul 12 / Bear channel base
  • SUP 2: 0.9944 1.618 projection of the Jun 9 - 15 - 27 price swing
  • SUP 3: 0.9883 1.764 projection of the Jun 9 - 15 - 27 price swing
  • SUP 4: 0.9785 2.00 projection of the Jun 9 - 15 - 27 price swing

EURUSD trend conditions remain bearish. The pair traded lower yesterday and touched parity, a key psychological support. Trend signals suggest scope for a continuation lower and a clear break of 1.00 would open 0.9944, a Fibonacci projection. Note that there is a firm support at 0.9991 - the bear channel base drawn from the Feb 10 high. Initial resistance is seen at Monday’s high of 1.0191. Gains would be considered corrective.

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