The 7-month rising wedge breakdown in early May continues to weigh
on the pair. EURUSD has been capped under the falling 50 day MA (aqua line)
since the dead cross (50 day MA crossed below 200 day MA (black line)).
The recent slide off 1.3652 lower high threatens to test 1.3503/1.3512
supports. Bearish daily studies suggest that a breakdown there is possible to
extend weakness towards 1.3477 near 76.4% of the 1.3295/1.3993 rise. Below
there would expose last November low at 1.3295.
On the upside, reclaiming 1.3652 then 1.3701 would negate
the bearish scenario and stabilize for 1.3735.
Sell zone: 1.3620/1.3650
Stop above 1.3701
Target near 1.3477
EURUSD daily chart
EURUSD weekly chart
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