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Bear Flag Breakout

EURUSD TECHS
  • RES 4: 1.0852 High Apr 22
  • RES 3: 1.0758 Low Apr 14 and a recent breakout level
  • RES 2: 1.0642 High May 5 and key short-term resistance
  • RES 1: 1.0529/0618 High May 12 / 20-day EMA
  • PRICE: 1.0396 @ 06:03 BST May 13
  • SUP 1: 1.0384 Low May 12
  • SUP 2: 1.0341 Low Jan 3 2017 and a key support
  • SUP 3: 1.0333 1.236 proj of the Feb 10 - Mar 7 - 31 price swing
  • SUP 4: 1.0317 2.0% 10-dma envelope

EURUSD traded to a fresh cycle low Thursday and cleared support at 1.0472, the Apr 28 low. The move lower confirms a bear flag breakout and a resumption of the primary downtrend. This also maintains the bearish price sequence of lower lows and lower highs. Moving average studies remain in bear mode too, highlighting current sentiment. The focus is on 1.0341 next, the Jan 3 2017 low and key support. Resistance has been defined at 1.0642.

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