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Key Short-Term Support Remains Intact

EURUSD TECHS
  • RES 4: 1.1095 High Apr 26 and key resistance
  • RES 3: 1.1054 High May 8
  • RES 2: 1.0977/1012 High Jun 27 / 22 and the bull trigger
  • RES 1: 1.0941 High Jun 29
  • PRICE: 1.0876 @ 05:26 BST Jul 5
  • SUP 1: 1.0835/04 Low Jun 30 / Low Jun 15
  • SUP 2: 1.0733 Low Jun 12
  • SUP 3: 1.0667 Low Jun 6
  • SUP 4: 1.0635 Low May 31 and the bear trigger

EURUSD support at last week’s low of 1.0835 (Jun 30) remains intact. The recent pullback is considered corrective. A resumption of gains would signal scope for resistance at 1.0977, the Jun 27 high. Clearance of this level would expose 1.1012, the Jun 22 high. The latter is the bull trigger. On the downside, clearance of 1.0835 would instead be seen as a bearish development and confirm a break of the 50-day EMA, at 1.0858.

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