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Resistance Remains Intact

EURUSD TECHS
  • RES 4: 1.1007 High May 10
  • RES 3: 1.0905 High May 16
  • RES 2: 1.0814 50-day EMA values
  • RES 1: 1.0790 High Jun 12
  • PRICE: 1.0751 @ 16:29 BST Jun 12
  • SUP 1: 1.0667/35 Low Jun 6 / Low May 31 and the bear trigger
  • 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 traded (briefly) higher Monday and pierced initial resistance at 1.0779, the Jun 2 high. Price has since pulled back. A clear breach of 1.0790 would improve short-term conditions for bulls and allow for a stronger correction. This would expose resistance at the 50-day EMA, at 1.0814, and a clear break of this average would also strengthen a bullish theme. A reversal lower would refocus attention on 1.0635, the May 31 and bear trigger.

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