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EURUSD TECHS: Reversal Higher

EURUSD TECHS
  • RES 4: 1.0964 High Mar 13
  • RES 3: 1.0933 61.8% retracement of the Dec 28 - Apr 16 bear leg
  • RES 2: 1.0916 High Jun 04 and the bull trigger  
  • RES 1: 1.0870 76.4% retracement of the Jun 4 - 11 sell-off   
  • PRICE: 1.0845 @ 16:19 BST Jun 12
  • SUP 1: 1.0720 Low Jun 11
  • SUP 2: 1.0675 76.4% retracement of the Apr 16 - Jun 4 bull leg
  • SUP 3: 1.0650 Low May 1
  • SUP 4: 1.0601 Low Apr 16 and a key support 

EURUSD has reversed sharply higher today and as a result is trading above the 20- and 50-day EMAs. A continuation higher would undermine the recent bearish theme and instead signal scope for a test of key short-term resistance at 1.0916, the Jun 4 high. A break of this level would be a bullish short-term development. On the downside, the pair needs to breach support at 1.0720, the Jun 11 low, to reinstate a bearish threat.

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