June 06, 2024 18:10 GMT
Trend Needle Points North
EURUSD TECHS
- RES 4: 1.0981 High Mar 08 and a key resistance
- RES 3: 1.0964 High Mar 13
- RES 2: 1.0933 61.8% retracement of the Dec 28 - Apr 16 bear leg
- RES 1: 1.0916 High Jun 04
- PRICE: 1.0882 @ 16:21 BST Jun 6
- SUP 1: 1.0835 20-day EMA
- SUP 2: 1.0788 Low May 30 and a key short-term support
- SUP 3: 1.0766 Low May 13
- SUP 4: 1.0724 Low May 90
A bull cycle in EURUSD remains in play and the pair is trading closer to its recent highs. Recent gains have resulted in a break of 1.0895, the May 16 high and a bull trigger. This confirms a resumption of the uptrend and a flag formation on the daily chart. Moving average studies are in a bull-mode set-up and highlight an uptrend. Sights are on 1.0933, a Fibonacci retracement. Support to watch lies at 1.0788, the May 30 low.
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