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Early Signs of Bottoming?

EURUSD TECHS
  • RES 4: 1.1007 High May 10
  • RES 3: 1.0905 High May 16
  • RES 2: 1.0818 50-day EMA values
  • RES 1: 1.0776 High Jun 08
  • PRICE: 1.0770 @ 15:56 BST Jun 8
  • SUP 1: 1.0667/35 Low Jun 6 / Low May 31 and the bear trigger
  • SUP 2: 1.0608 Low Mar 17
  • SUP 3: 1.0551 Low Mar 16
  • SUP 4: 1.0516 Low Mar 15 and a key support

EURUSD returned through the Wednesday high Thursday, placing intraday momentum in favour of the upside. Whether this bounce marks a bottoming of the bear-trend and a reversal higher depends on the ability for prices to break and hold above the early June highs of 1.0779 and the 50-dma of 1.0809. To return focus lower, prices need to return below 1.0668 before 1.0608 undercuts as support.

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