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Bearish Extension

EURUSD TECHS
  • RES 4: 1.1007 High May 10
  • RES 3: 1.0935 High May 12
  • RES 2: 1.0870/74 50- and 20-day EMA values
  • RES 1: 1.0831 High May 22
  • PRICE: 1.0733 @ 05:48 BST May 25
  • SUP 1: 1.0713 Low Mar 24
  • SUP 2: 1.0653 76.4% retracement of the Mar 15 - Apr 26 bull run
  • SUP 3: 1.0631 Low Mar 20
  • SUP 4: 1.0608 Low Mar 17

EURUSD traded lower Wednesday and has breached 1.0760, the May 19 low. This confirms a resumption of the current downtrend and price remains below the 50-day EMA. 1.0737, 61.8% of the Mar 15 - Apr 26 bull run, has been pierced. This opens 1.0713 next, the Mar 24 low. A firm resistance is seen at 1.0874, the 20-day EMA.

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