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EUR/USD: recovering within mini-down-trend

   
The pair gapped down this morning after the news that Greece will hold a referendum on whether to accept the most recent creditor offer, increasing uncertainty over the country’s future in the euro-zone.

EUR/USD dropped like a stone on Monday morning hitting a low of 1.0954 but then almost immediately it began to rise and has now pulled back to virtually close the entire gap at 1.1122.

Nevertheless the short-term trend (since the June 18 highs) has now reversed and is bearish, and expected to extend lower. A break below the monthly pivot at 1.1087 and support and resistance at 1.1047 – including a 20 point margin – so below 1.1027, would provide strong confirmation of a continuation lower.

Such a move would initially be expected to reach the 1.0954 lows and then a break below them including a 10 point margin, so below 1.0944 would probably reach down to 1.0850, the potential zone where next month’s S1 pivot could be situated.
EURUSD29

   
The pair gapped down this morning after the news that Greece will hold a referendum on whether to accept the most recent creditor offer, increasing uncertainty over the country’s future in the euro-zone.

EUR/USD dropped like a stone on Monday morning hitting a low of 1.0954 but then almost immediately it began to rise and has now pulled back to virtually close the entire gap at 1.1122.

Nevertheless the short-term trend (since the June 18 highs) has now reversed and is bearish, and expected to extend lower. A break below the monthly pivot at 1.1087 and support and resistance at 1.1047 – including a 20 point margin – so below 1.1027, would provide strong confirmation of a continuation lower.

Such a move would initially be expected to reach the 1.0954 lows and then a break below them including a 10 point margin, so below 1.0944 would probably reach down to 1.0850, the potential zone where next month’s S1 pivot could be situated.
EURUSD29



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