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FX.co ★ Short-term technical analysis on EURUSD for June 24, 2021

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Forex Analysis:::2021-06-24T17:02:06

Short-term technical analysis on EURUSD for June 24, 2021

EURUSD is trading around 1.1925 after reaching as high as 1.1970. Trend remains bearish. The current bounce is still considered to be a short-term counter trend move. A relief bounce. This bounce could continue higher towards 1.2050 but if it breaks below 1.19, I will be expecting new short-term lows.

Short-term technical analysis on EURUSD for June 24, 2021

Green rectangle- support

What was previously resistance, is now support. Failure to hold above the green area will be a sign of weakness and will make me expect price to move to new lows towards 1.18-1.1750. I believe price has made only a short-term relief bounce and the downward move that started at 1.2262 is not yet complete.

Analyst InstaForex
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