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Trend Needle Still Points South

EURUSD TECHS
  • RES 4: 1.0852 High Apr 22
  • RES 3: 1.0787 High May 30 and a reversal trigger
  • RES 2: 1.0636/0774 Bear channel top from Feb 10 high / High Jun 9
  • RES 1: 1.0606 High Jun 22
  • PRICE: 1.0568 @ 06:19 BST Jun 27
  • SUP 1: 1.0445/0359 Low Jun 17 and 15
  • SUP 2: 1.0350 Low May 13 and bear trigger
  • SUP 3: 1.0341 Low Jan 3 2017 and a key support
  • SUP 4: 1.0233 1.382 proj of Feb 10 - Mar 7 - 31 Price swing

EURUSD continues to trade closer to its recent highs. From a trend perspective, the outlook remains bearish. Moving average studies point south and price continues trade inside a bear channel, drawn from the Feb 10 high. The channel top intersects at 1.0636 and is a key short-term resistance, where a break would highlight a potential reversal. For bears, a resumption of weakness would open 1.0350, May 13 low and the bear trigger.

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