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Trend Outlook Remains Bearish

EURUSD TECHS
  • RES 4: 1.0787 High May 30 and a reversal trigger
  • RES 3: 1.0774 High Jun 9
  • RES 2: 1.0615 High Jun 27 and a key resistance
  • RES 1: 1.0359/0467 Low Jun 15 / 20-day EMA
  • PRICE: 1.0214 @ 06:15 BST Jul 7
  • SUP 1: 1.0162 Low Jul 06
  • SUP 2: 1.0102 1.236 projection of the Jun 9 - 15 - 27 price swing
  • SUP 3: 1.0035 Bear channel base drawn from the Feb 10 high
  • SUP 4: 1.0000 Parity and a key psychological support

EURUSD traded lower once again yesterday and conditions remain bearish. Tuesday's impulsive sell-off resulted in a break of 1.0350, May 13 low, to confirm a resumption of the primary downtrend. This week’s move also highlights an acceleration of the trend and the pair is touching the lowest levels in 20 years. The focus shifts to 1.0102, a Fibonacci projection. Firm resistance is seen at 1.0467, 20-day EMA. Initial resistance is at 1.0359.

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