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Testing Support

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: 1.0934 High Jul 3
  • PRICE: 1.0841 @ 05:54 BST Jul 6
  • SUP 1: 1.0824/04 50.0% of the May 31 - Jun 22 rally / Low Jun 15
  • SUP 2: 1.0779 61.8% retracement of the May 31 - Jun 22 rally
  • SUP 3: 1.0733 Low Jun 12
  • SUP 4: 1.0724 76.4% retracement of the May 31 - Jun 22 rally

EURUSD is trading lower and is testing support at last 1.0835, the Jun 30 low. The latest pullback is considered corrective, however, the move lower highlights a clear break of the 50-day EMA, at 1.0858, signalling scope for a deeper retracement. This has opened 1.0804, the Jun 15 low. Initial firm resistance has been defined at 1.0934, the Jul 3 high. A break would ease bearish pressure.

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