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Free AccessEURUSD TECHS: Trades Through Initial Resistance
- RES 4: 1.0916 High Jun 04 and the bull trigger
- RES 3: 1.0852 High High Jun 12
- RES 2: 1.0820 61.8% retracement of the Jun 4 - 26 downleg
- RES 1: 1.0817 High Jul 3
- PRICE: 1.0807 @ 16:21 BST Jul 3
- SUP 1: 1.0710/0666 Low Jul 2 / Low Jun 26 and the bear trigger
- SUP 2: 1.0650 Low May 1
- SUP 3: 1.0601 Low Apr 16 and a key support
- SUP 4: 1.0568 Low Nov 2
EURUSD traded higher Wednesday and in the process breached Monday’s peak of 1.0776. Note that price is also through an important resistance at 1.0770, the 50-day EMA. A clear break of this EMA would undermine the recent bearish theme and signal scope for a recovery towards 1.0820, 61.8% of the Jun 4 - 26 downleg. For bears, a resumption of weakness would refocus attention on the bear trigger at 1.0666, Jun 26 low.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.