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Gains Considered Corrective

EURUSD TECHS
  • RES 4: 1.2218 High Jun 9
  • RES 3: 1.2147 High Jun 15
  • RES 2: 1.2064 20-day EMA
  • RES 1: 1.2006 High Jun 17
  • PRICE: 1.1949 @ 16:55 BST Jun 23
  • SUP 1: 1.1848 Low Jun 18 and 21 and the bear trigger
  • SUP 2: 1.1837 76.4% retracement of the Mar 31 - May 25 rally
  • SUP 3: 1.1795 Low Apr 6
  • SUP 4: 1.1738 Low Apr 5

Despite recent gains, the EURUSD outlook remains bearish following last week's sharp move lower. This resulted in a break of the 50-day EMA and 1.2104, Jun 4 low highlighting a bearish theme and has confirmed a bearish price sequence of lower lows and lower highs. The focus is on 1.1837, a Fibonacci retracement where a break would open 1.1704, Mar 31 low and a key support. On the upside, initial firm resistance is 1.2006, the Jun 17 high.

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