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Approaching Bear Channel Resistance

EURUSD TECHS
  • RES 4: 1.2285 High Jan 8
  • RES 3: 1.2241/43 2.0% 10-dma envelope / High Feb 25
  • RES 2: 1.2184 High Feb 26
  • RES 1: 1.2119 Bear channel top drawn off the Jan 6 high
  • PRICE: 1.2080 @ 16:40 BST Apr 26
  • SUP 1: 1.1994/43 Low Apr 22 / Low Apr 19
  • SUP 2: 1.1861 Low Apr 7 and 8
  • SUP 3: 1.1795 Low Apr 6
  • SUP 4: 1.1738 Low Apr 5

EURUSD bulls returned Friday and in the process the pair traded above resistance at 1.2080. The move higher negates a bearish pattern on Apr 20 - a gravestone doji. Instead, the climb reinstates a bullish outlook and attention is on the resistance zone at 1.2116/19, 76.4% of the Feb 25 - Mar 31 sell-off and a bear channel top drawn off the Jan 6 high. A break of the channel resistance would be bullish. Support has been defined at 1.1994.

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