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Firmer Through Close, But Bear Cycle Persists

EURUSD TECHS
  • RES 4: 1.1007 High May 10
  • RES 3: 1.0905 High May 16
  • RES 2: 1.0811/42 20- and 50-day EMA values
  • RES 1: 1.0759 High May 26
  • PRICE: 1.0735 @ 16:22 BST Jun 1
  • SUP 1: 1.0635 Low May 31
  • SUP 2: 1.0608 Low Mar 17
  • SUP 3: 1.0551 Low Mar 16
  • SUP 4: 1.0516 Low Mar 15 and a key support

EURUSD firmed through the Thursday close, but the intraday bounce has so far been insufficient to reverse the current bear cycle. The trend needle continues to point south and the pair traded lower again Wednesday. Fresh trend lows this week reinforce bearish conditions. The 1.0653 objective has been breached, 76.4% of the Mar 15 - Apr 26 rally. This opens 1.0551, the Mar 16 low. A firm resistance is seen at 1.0811, the 20-day EMA. Clearance of this average is required to ease current bearish pressure.

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