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Edges Off Bear Channel Top

EURUSD TECHS
  • RES 4: 1.0936 High Apr 21
  • RES 3: 1.0807 Bear channel resistance drawn from the Feb 10 high
  • RES 2: 1.0800 Round number resistance
  • RES 1: 1.0787 High May 30
  • PRICE: 1.0690 @ 15:22 BST May 31
  • SUP 1: 1.0643/0533 Low May 25 / Low May 20
  • SUP 2: 1.0461 Low May 18 and19
  • SUP 3: 1.0350 Low May 13 and bear trigger
  • SUP 4: 1.0341 Low Jan 3 2017 and a key support

EURUSD edged off recent highs Tuesday, reversing off a challenge on the top of the bear channel. The channel is drawn from the Feb 10 high and intersects at 1.0804. It marks a key short-term resistance where a break would strengthen bullish conditions and highlight a stronger short-term reversal. The primary trend remains down though and a reversal lower would reinforce a bearish theme. This would open 1.0533 initially, the May 20 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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