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EURUSD Reversal After Stalling At  Channel Resistance

  • EURUSD ended last week’s session on a soft note and the short-term outlook remains bearish.
  • The latest key technical development has been the inability to clear the top of its bear channel resistance, drawn from the Feb 10 high - the channel top intersects at 1.0724 today.
  • The reversal lower suggests the May 13 - 30 correction is over.
  • This opens 1.0461 next, the May 18/19 low followed by 1.0350, the May 13 low and bear trigger. The channel base is at 1.0186.
  • Key resistance is at 1.0724/87, the channel top and May 30 high.

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