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EURUSD TECHS: Approaching Key Short-Term Support

EURUSD TECHS
  • RES 4: 1.0981 High Mar 08 and a key resistance
  • RES 3: 1.0964 High Mar 13
  • RES 2: 1.0933 61.8% retracement of the Dec 28 - Apr 16 bear leg
  • RES 1: 1.0916 High Jun 04 and the bull trigger
  • PRICE: 1.0802 @ 18:42 BST Jun 7
  • SUP 1: 1.0788 Low May 30 and a key short-term support
  • SUP 2: 1.0766 Low May 13
  • SUP 3: 1.0724 Low May 9
  • SUP 4: 1.0675 76.4% retracement of the Apr 16 - Jun 4

EURUSD traded sharply lower Friday following toway’s employment report. Price has breached support at the 20-day EMA. Attention turns to support at the 1.0788 level, the May 30 low. A clear break of this level would undermine the recent bullish theme and signal scope for a deeper pullback. This would open 1.0724, the May 9 low. Key short-term resistance has been defined at 1.0916, the Jun 4 high. Clearance of this level resumes the recent uptrend.

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