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Resistance Remains Intact For Now

EURUSD TECHS
  • RES 4: 1.0916 High Jun 04 and the bull trigger
  • RES 3: 1.0852 High High Jun 12
  • RES 2: 1.0791/0820 50.0% and 61.8% of the Jun 4 - 26 downleg
  • RES 1: 1.0771/76 50-day EMA / Intraday high
  • PRICE: 1.0729 @ 05:54 BST Jul 2
  • SUP 1: 1.0711/0666 Low Jun 1 / 26 and the bear trigger
  • SUP 2: 1.0650 Low May 1
  • SUP 3: 1.0601 Low Apr 16 and a key support
  • SUP 4: 1.0568 Low Nov 2

EURUSD traded higher Monday before pulling back from the day high. The trend outlook is bearish and gains are considered corrective - for now. MA studies remain in a bear-mode set-up highlighting a downtrend. Resistance to watch is 1.0771, the 50-day EMA. It has been pierced, a clear would threaten the bearish theme and signal scope for a stronger recovery towards 1.0820, 61.8% of the Jun 4 - 26 downleg. The bear trigger is 1.0666, Jun 26 low.

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