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Heading South

EURUSD TECHS
  • RES 4: 1.0787 High May 30 and a reversal trigger
  • RES 3: 1.0774 High Jun 9
  • RES 2: 1.0615 High Jun 27 and a key resistance
  • RES 1: 1.0359/0497 Low Jun 15 / 20-day EMA
  • PRICE: 1.0190 @ 12:20 BST Jul 6
  • SUP 1: 1.0187 Intraday low
  • SUP 2: 1.0102 1.236 projection of the Jun 9 - 15 - 27 price swing
  • SUP 3: 1.0035 Bear channel base drawn from the Feb 10 high
  • SUP 4: 1.0000 Parity and a key psychological support

EURUSD has continued to weaken today. Yesterday's impulsive sell-off resulted in a break of 1.0350, the May 13 low, to confirm a resumption of the primary downtrend. This week’s move also highlights an acceleration of the downtrend and the pair is touching the lowest levels in 20 years. With 1.0200 breached, the focus shifts to 1.0102, a Fibonacci projection. Resistance is seen at 1.0522, 20-day EMA. Initial resistance is at 1.0359.

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