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EURJPY TECHS

Firm Within Its Bull Channel

USDJPY TECHS

Monitoring Trendline Support

EURGBP TECHS

Testing Support

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  • RES 4: 1.2243 High Feb 25 and a key resistance
  • RES 3: 1.2184 High Feb 26
  • RES 2: 1.2150 High Apr 29
  • RES 1: 1.2085 61.8% of Friday's range
  • PRICE: 1.2018 @ 16:31 BST May 4
  • SUP 1: 1.2014/1987 20- and 50-day EMAs
  • SUP 2: 1.1943 Low Apr 19
  • SUP 3: 1.1861 Low Apr 7 and 8
  • SUP 4: 1.1795 Low Apr 6

EURUSD traded sharply lower on Apr 30 and this threatens the recent bullish theme. Last week saw price trade above the bear channel top drawn off the Jan 6 high. The failure to follow through however does warn of a false break and a key S/T resistance has been defined at 1.2150, Apr 29 high. A firm support lies at 1.2014/1987, the 20 and 50-day EMAs. A break would trigger a stronger sell-off. Clearance of 1.2150 is needed to reinstate the uptrend.