May 15, 2024 12:40 GMT
Bear Channel Breakout
EURUSD TECHS
- RES 4: 1.0981 High Mar 8 and a key resistance
- RES 3: 1.0943 High Mar 21
- RES 2: 1.0885 High Apr 9
- RES 1: 1.0869 Intraday high
- PRICE: 1.0852 @ 13:397 BST May 15
- SUP 1: 1.0769/24 50-day EMA / Low May 3
- SUP 2: 1.0650/0601 Low May 1 / Low Apr 16 and the bear trigger
- SUP 3: 1.0568 Low Nov 2 2023
- SUP 4: 1.0494 Base of a bear channel drawn from the Dec 28 high
EURUSD is trading higher confirming once again, an extension of the bull leg that started Apr 16. The move higher today highlights a clear bear channel break out - price is through the top of at 1.0832 and the channel is drawn from the Dec 28 high. This opens 1.0885 next, the Apr 9 high. A break of this level would open 1.0943, the Mar 21 high. Initial firm support lies at 1.0769, the 50-day EMA.
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