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Pulls Away From Recent Highs

EURUSD TECHS
  • RES 4: 1.2218 High Jun 9
  • RES 3: 1.2147 High Jun 15
  • RES 2: 1.2049 50-day EMA
  • RES 1: 1.2006/08 High Jun 17 / 20-day EMA
  • PRICE: 1.1865 @ 16:05 BST Jun 30
  • SUP 1: 1.1848 Low Jun 18, 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

EURUSD has traded lower this week. The outlook remains bearish. This follows sharp losses between Jun 15 - 18. Price cleared the 50-day EMA and a former support at 1.2104, Jun 4 low, highlighting a bearish tone and confirming a price sequence of lower lows and lower highs. Attention is on 1.1837, a Fibonacci retracement where a break would open 1.1704, Mar 31 low and a key support. Initial firm resistance is 1.2006, the Jun 17 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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